58-5-120. Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director.
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/sd/title-58/chapter-58-5/58-5-120·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A domestic stock insurer may reinsure all or substantially all of its insurance in force, or of a major class thereof, with another insurer by an agreement of bulk reinsurance; provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon.