South Dakota Codified Laws 58-5-65. Other permitted pecuniary interest of director, officer, or employee of insurer
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The director of the Division of Insurance may, by regulations, define and permit additional exceptions to the prohibition contained in § 58-5-61 solely to enable payment of reasonable compensation to a director, officer, or employee of the insurer, or to a corporation or firm in which a director, officer, or employee is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer’s business and in the usual private professional or business capacity of such director, officer, employee, or such corporation or firm.
Terms Used In South Dakota Codified Laws 58-5-65
- 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, § 22 (5); SL 1974, ch 309.