Section 58-27-5 - Acquisition of ineligible securities or property--Disposition. - South-dakota Statutes

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58-27-5. Acquisition of ineligible securities or property--Disposition. No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to §§ 58-27-73 and 58-27-74 if personal property or securities, or pursuant to §§ 58-27-70 to 58-27-72, inclusive, if real property.

Source: SL 1966, ch 111, ch 6, § 3 (3).

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-27 > Statute-58-27-5

58-27-5. Acquisition of ineligible securities or property--Disposition. No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to §§ 58-27-73 and 58-27-74 if personal property or securities, or pursuant to §§ 58-27-70 to 58-27-72, inclusive, if real property.

Source: SL 1966, ch 111, ch 6, § 3 (3).

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-27 > Statute-58-27-5

58-27-5. Acquisition of ineligible securities or property--Disposition. No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to §§ 58-27-73 and 58-27-74 if personal property or securities, or pursuant to §§ 58-27-70 to 58-27-72, inclusive, if real property.

Source: SL 1966, ch 111, ch 6, § 3 (3).