Section 58-7-36 - Return of deposit upon merger or consolidation of insurer. - South-dakota Statutes

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58-7-36. Return of deposit upon merger or consolidation of insurer. Upon the merger or consolidation of an insurer that has made a deposit in this state, the director may, after preserving the interests of South Dakota policyholders, direct the depository or custodian to return the deposit to the resulting or surviving corporation, or to any person it may designate for that purpose, if the resulting or surviving corporation is or becomes authorized to transact an insurance business in this state.

Source: SL 1966, ch 111, ch 7, § 14(3); SL 1988, ch 393; SL 1991, ch 398, § 18.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-07 > Statute-58-7-36

58-7-36. Return of deposit upon merger or consolidation of insurer. Upon the merger or consolidation of an insurer that has made a deposit in this state, the director may, after preserving the interests of South Dakota policyholders, direct the depository or custodian to return the deposit to the resulting or surviving corporation, or to any person it may designate for that purpose, if the resulting or surviving corporation is or becomes authorized to transact an insurance business in this state.

Source: SL 1966, ch 111, ch 7, § 14(3); SL 1988, ch 393; SL 1991, ch 398, § 18.

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-07 > Statute-58-7-36

58-7-36. Return of deposit upon merger or consolidation of insurer. Upon the merger or consolidation of an insurer that has made a deposit in this state, the director may, after preserving the interests of South Dakota policyholders, direct the depository or custodian to return the deposit to the resulting or surviving corporation, or to any person it may designate for that purpose, if the resulting or surviving corporation is or becomes authorized to transact an insurance business in this state.

Source: SL 1966, ch 111, ch 7, § 14(3); SL 1988, ch 393; SL 1991, ch 398, § 18.