The director shall approve such agreement within a reasonable time after such filing unless he finds that it is inequitable to the stockholders or would substantially reduce the protection or service to the policyholders of such domestic insurer. If the director does not approve, he shall so notify the insurer in writing specifying his reasons therefor.
S.D. Codified Laws § 58-5-121
Approval by director of bulk reinsurance agreement--Disapproval
Source: SL 1966, ch 111, ch 16, § 40 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.