58-5-126. Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice.
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/sd/title-58/chapter-58-5/58-5-126·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director of the Division of Insurance shall approve any agreement pursuant to § 58-5-123 within a reasonable time after filing if he finds it to be fair and equitable to each domestic insurer involved, and that such reinsurance would not substantially reduce the protection or service to its policyholders. If the director does not approve, he shall notify each insurer involved in writing specifying his reasons therefor.