58-2-12. Oath of office and bond of director--Bonds of insurance examiners, actuaries, and attorney for division--Bond premiums paid from state insurance fund.
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/sd/title-58/chapter-58-2/58-2-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director shall, before entering upon the duties of his office, take and subscribe the constitutional oath of office and shall give the state a bond in the sum of one hundred thousand dollars, and each insurance examiner, the actuary and the attorney shall each give bond to the state in the sum of fifty thousand dollars, all such bonds to be conditioned for the faithful and impartial discharge of the duties imposed upon such director and employees by this title, and all such bonds to be approved by the attorney general, and recorded and filed as provided by law.
The premium of such bonds shall be paid by the state treasurer out of the insurance fund of this state upon warrants drawn on such fund by the state auditor.