Mutual insurer defined.
A "mutual" insurer is an insurance corporation without capital stock, owned by its policyholders collectively, who have the right to vote in the election of its directors.
S.D. Codified Laws § 58-5-3
"Mutual" insurer defined
Source: SL 1966, ch 111, ch 16, § 3.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.