A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § 58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid § 58-5A-56, the director may exercise his authority under §§ 58-5A-62 to 58-5A-67, inclusive.
S.D. Codified Laws § 58-5A-57
Transactions entered into to avoid director's review prohibited
Source: SL 1992, ch 341, § 22.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.