Any plan by which a stock insurer proposes to acquire a substantial or controlling stock interest in another stock insurer through an exchange of stock is deemed to be a plan of merger which requires the approval of the director of the Division of Insurance in accordance with provisions of §§ 58-5-131 to 58-5-133, inclusive.
S.D. Codified Laws § 58-5-129
Stock acquisition plan deemed merger--Approval required
Source: SL 1966, ch 111, ch 16, § 38 (6).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.