Amounts allocated to a separate account in the exercise of the power granted by this chapter shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee with respect to such amounts.
S.D. Codified Laws § 58-28-17
Ownership by insurer--Not a trustee
Source: SL 1966, ch 111, ch 6, § 36 (6); § 36 (5) as amended by SL 1967, ch 131; SDCL, § 58-28-5; SL 1971, ch 266, § 1 (5).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.