S.D. Codified Laws § 58-5-124

Current through the 2024 Legislative Session

Section 58-5-124 - Members of domestic mutual insurer voting on bulk insurance, requirement by director-Calling of meeting, notice-Limited rights of members of life insurer to vote

The director may require that plan and agreement for reinsurance be approved by a vote of not less than two-thirds of each domestic mutual insurer's members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the director may determine. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies, and have been in effect for more than one year.

SDCL 58-5-124

SL 1966, ch 111, ch 16, § 41 (3).