Section 58-5-124 - Members of domestic mutual insurer voting on bulk insurance, requirement bydirector--Calling of meeting, notice--Limited rights of members of life insurer tovote. - South-dakota Statutes

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Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-124

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.

Source: SL 1966, ch 111, ch 16, § 41 (3).

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-124

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.

Source: SL 1966, ch 111, ch 16, § 41 (3).

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05 > Statute-58-5-124

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.

Source: SL 1966, ch 111, ch 16, § 41 (3).