58-27-7. Investments required to produce income--Exemptions--Rules.
136 words·~1 min read·
/sd/title-58/chapter-58-27/58-27-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No security or investment, other than real and personal property acquired under § 58-27-50 ; common shares of solvent institutions acquired under § 58-27-23 , 58-27-25 , 58-27-26 , or 58-27-51 ; investments acquired under § 58-27-103 , 58-27-104 , or 58-27-111 ; and mutual funds acquired under subdivision 58-27-17(4) that invest less than ninety percent in bonds, is eligible for acquisition unless it is interest - bearing or interest - accruing or dividend - or income - paying, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon.
The director of the Division of Insurance may promulgate rules regarding the acquisition of over - the - counter and exchange listed options and financial futures, including the exemption of these securities from the operation of this section.