South Dakota Codified Laws 58-5-3. “Mutual” insurer defined
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A “mutual” insurer is an insurance corporation without capital stock, owned by its policyholders collectively, who have the right to vote in the election of its directors.
Terms Used In South Dakota Codified Laws 58-5-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Source: SL 1966, ch 111, ch 16, § 3.