58-7-18. Deposit of reserves in financial institutions.
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/sd/title-58/chapter-58-7/58-7-18A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Deposits required under this title may be made in South Dakota safe deposit institutions, banks, or trust companies selected by the insurer with the director's prior approval or may be made in the depository outside of the state approved by the director. The director may, upon written request of the insurer, permit a deposit to be made with and held by the trust department of a national or state bank approved by the director for the purpose and under depository or custodial arrangements approved by the director.