Section 58-5-110 - Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. - South-dakota Statutes

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Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-110

58-5-110. Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. Money borrowed pursuant to § 58-5-108, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.

Source: SL 1966, ch 111, ch 16, § 34 (2).

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-110

58-5-110. Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. Money borrowed pursuant to § 58-5-108, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.

Source: SL 1966, ch 111, ch 16, § 34 (2).

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-110

58-5-110. Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. Money borrowed pursuant to § 58-5-108, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.

Source: SL 1966, ch 111, ch 16, § 34 (2).