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§ 58-5-114 Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer.

SD Codified L § 58-5-114 (2019) (N/A)
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58-5-114. Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer. If a domestic stock insurer's basic paid-in capital as required by §§ 58-6-23 to 58-6-26, inclusive, or the minimum basic surplus of a domestic mutual insurer as required by §§ 58-5-21 and 58-5-22 becomes impaired, the director of the Division of Insurance shall at once determine the amount of deficiency and serve notice upon the insurer to cure the deficiency and file proof thereof with him within the period specified in the notice, which period shall be not less than thirty nor more than ninety days from the date of the notice.

Source: SL 1966, ch 111, ch 16, § 35 (1).

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