58-7-1. Amounts required to be deposited by domestic insurers--Financial institutions to report to director.
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/sd/title-58/chapter-58-7/58-7-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All deposits required by this title shall be kept in a financial institution approved by the director. A domestic property and casualty or health insurer shall deposit an amount not less than fifty percent of the required unearned premium reserves on their outstanding policies. Domestic life insurers shall deposit an amount not less than the required reserves on their outstanding policies, including annuity and supplementary contracts, but excluding premium notes, policy loans, and other policy liens referred to in subdivision 58-26-1(3) and the net amount of uncollected and deferred premiums and annuity considerations referred to in subdivision 58-26-1(4).
The financial institution shall report quarterly to the director the insurers that have deposits with it and the amounts and kinds of assets and securities. Withdrawal of securities and assets on deposit shall be pursuant to the custodial agreement.