Section 58-27-57 - Corporate bonds, debentures, and equipment trust certificates--Maximumamount of investment. - South-dakota Statutes

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58-27-57. Corporate bonds, debentures, and equipment trust certificates--Maximum amount of investment. Except with the director's consent, no insurer may have invested at any one time more than forty percent of its assets in the class of securities described in subdivisions 58-27-17(1), (2), (3), and (4) and in § 58-27-28, exclusive of obligations of the Student Loan Marketing Association, public utilities and securities described in §§ 58-27-103 and 58-27-104 and obligations guaranteed or insured by the United States government or any instrumentality or subdivision thereof, or any state as defined in subdivision 58-1-2(16). For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds that are investing at least ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§ 58-27-9 to 58-27-13, inclusive.

Source: SL 1966, ch 111, ch 6, § 5 (5); SL 1992, ch 350, § 21; SL 1993, ch 364, § 5; SL 1997, ch 294, § 16; SL 2001, ch 284, § 1.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-27 > Statute-58-27-57

58-27-57. Corporate bonds, debentures, and equipment trust certificates--Maximum amount of investment. Except with the director's consent, no insurer may have invested at any one time more than forty percent of its assets in the class of securities described in subdivisions 58-27-17(1), (2), (3), and (4) and in § 58-27-28, exclusive of obligations of the Student Loan Marketing Association, public utilities and securities described in §§ 58-27-103 and 58-27-104 and obligations guaranteed or insured by the United States government or any instrumentality or subdivision thereof, or any state as defined in subdivision 58-1-2(16). For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds that are investing at least ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§ 58-27-9 to 58-27-13, inclusive.

Source: SL 1966, ch 111, ch 6, § 5 (5); SL 1992, ch 350, § 21; SL 1993, ch 364, § 5; SL 1997, ch 294, § 16; SL 2001, ch 284, § 1.

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-27 > Statute-58-27-57

58-27-57. Corporate bonds, debentures, and equipment trust certificates--Maximum amount of investment. Except with the director's consent, no insurer may have invested at any one time more than forty percent of its assets in the class of securities described in subdivisions 58-27-17(1), (2), (3), and (4) and in § 58-27-28, exclusive of obligations of the Student Loan Marketing Association, public utilities and securities described in §§ 58-27-103 and 58-27-104 and obligations guaranteed or insured by the United States government or any instrumentality or subdivision thereof, or any state as defined in subdivision 58-1-2(16). For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds that are investing at least ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§ 58-27-9 to 58-27-13, inclusive.

Source: SL 1966, ch 111, ch 6, § 5 (5); SL 1992, ch 350, § 21; SL 1993, ch 364, § 5; SL 1997, ch 294, § 16; SL 2001, ch 284, § 1.