58-28-20. Restrictions on transfers between accounts.
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/sd/title-58/chapter-58-28/58-28-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No sale, exchange, or other transfer of assets may be made by an insurer between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to establish the account or to support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, whether into or from a separate account, is made:
(1)By a transfer of cash; or
(2)By a transfer of securities having a readily determinable market value, provided that such transfer of securities is approved by the director.
The director may approve other transfers among such accounts if, in his opinion, such transfers would not be inequitable.