A domestic mutual insurer may reinsure all or substantially all of its insurance in force, or 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 § 58-5-123
Bulk reinsurance by mutual insurer--Agreement, filing with and approval by director
Source: SL 1966, ch 111, ch 16, § 41 (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.