Section 58-5A-57 - Transactions entered into to avoid director's review prohibited. - South-dakota Statutes

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58-5A-57. Transactions entered into to avoid director's review prohibited. A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § 58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid § 58-5A-56, the director may exercise his authority under §§ 58-5A-62 to 58-5A-67, inclusive.

Source: SL 1992, ch 341, § 22.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05a > Statute-58-5a-57

58-5A-57. Transactions entered into to avoid director's review prohibited. A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § 58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid § 58-5A-56, the director may exercise his authority under §§ 58-5A-62 to 58-5A-67, inclusive.

Source: SL 1992, ch 341, § 22.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-05a > Statute-58-5a-57

58-5A-57. Transactions entered into to avoid director's review prohibited. A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § 58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve-month period to avoid § 58-5A-56, the director may exercise his authority under §§ 58-5A-62 to 58-5A-67, inclusive.

Source: SL 1992, ch 341, § 22.