58-28-25. Approval by director required for variable contracts. No domestic life insurer and no other life insurer admitted to transact business in this state shall deliver or issue for delivery within this state variable contracts, unless the director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state.
Source: SL 1966, ch 111, ch 6, § 36 (9) as added by SL 1967, ch 131; SDCL, § 58-28-9; SL 1971, ch 266, § 3.
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