South Dakota Codified Laws 58-7-25. Effect of deposit in foreign state
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If any domestic insurer is required to deposit with a public officer of any foreign state or any agency of that state any securities or assets for security of policyholders, to the extent that those securities or assets are admissible for that purpose under this chapter, and upon approval by the director that by the deposit the insurer’s policyholders are as adequately secured as if such deposit had been made under this chapter, the deposit in the foreign state shall have the same effect as if made with the director. If any change is made in the deposit, the insurer shall be required to immediately notify the director of the change.
Terms Used In South Dakota Codified Laws 58-7-25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 7, § 5 (8); SL 1991, ch 398, § 14.