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§ 58-5-97 Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements.

SD Codified L § 58-5-97 (2019) (N/A)
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58-5-97. Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements. Sections 58-5-93 to 58-5-96, inclusive, shall not be deemed to prohibit or prevent an insurer from:

(1) Establishing and maintaining branch offices or "regional home offices" in other states where necessary or convenient to the transaction of its business and keeping therein the detailed records and assets customary and necessary for the servicing of its insurance in the territory served by such an office, as long as such records and assets are made available for examination by the director of the Division of Insurance at his request;

(2) Having, depositing, or transmitting funds and assets of the insurer in or to jurisdictions outside of this state as reasonably and customarily required in the regular course of its business; and

(3) Making deposits under custodial arrangements as provided by §§ 58-7-18 to 58-7-25, inclusive.Source: SL 1966, ch 111, ch 16, § 24 (4).

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§ 58-5-96 Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer.
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§ 58-5-98 Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated.