A domestic stock insurer may reinsure all or substantially all of its insurance in force, or of a major class thereof, with another insurer by an agreement of bulk reinsurance; provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon.
S.D. Codified Laws § 58-5-120
Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director
Source: SL 1966, ch 111, ch 16, § 40 (1).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.