South Dakota Codified Laws 58-30-129. Sharing interim profits
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If the contract provides for a sharing of interim profits by the managing general agent, and the managing general agent may determine the amount of the interim profits by establishing loss reserves or controlling claim payments, or in any other manner, interim profits may not be paid to the managing general agent until one year after they are earned on property insurance business and five years after they are earned on casualty business and not until the profits have been verified pursuant to § 58-30-131.
Terms Used In South Dakota Codified Laws 58-30-129
- Contract: A legal written agreement that becomes binding when signed.
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1992, ch 353, § 6.