58-35-45. Reinsurance corporation formed by insurers--Procedure.
134 words·~1 min read·
/sd/title-58/chapter-58-35/58-35-45A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any number, not less than five, of farm mutual insurers organized under this chapter may form a corporation for the purpose of reinsuring the risks of the members, on the mutual plan. The insurers proposing to form such reinsurance company shall file with the director a declaration of their intention to form such a corporation, together with proposed articles of incorporation, substantially in the manner and form provided by §§ 58-35-7 to 58-35-9 , inclusive, which proposed articles of incorporation, and amendments thereof, shall be treated substantially in the manner and form provided by §§ 58-35-10 to 58-35-14 , inclusive.
The bylaws of such reinsurance company shall contain provisions for the government of such company and the conduct of its business substantially in the manner and form provided by §§ 58-35-22 and 58-35-23 .