Approval required to maintain guaranteed benefits and funds in separate account
Source: SL 1966, ch 111, ch 6, § 36 (4); § 36 (2) as amended by SL 1967, ch 131; SDCL, § 58-28-2; SL 1969, ch 132; SL 1971, ch 266, § 1 (3).
Except with the approval of the director and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:
(1) Benefits guaranteed as to dollar amount and duration and
(2) Funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.