58-27-69. Authorization of investment or loan by board or committee of insurer.
An insurer may not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the same is authorized, approved, or ratified by the insurer's board of directors or by a committee authorized by such board and charged with the supervision or making of such investment or loan. The minutes of any such committee shall be recorded and regular reports of such committee shall be submitted to the board of directors.
Source: SL 1966, ch 111, ch 6, §4; SL 1997, ch 294, §19.
Structure South Dakota Codified Laws
Chapter 27 - Loans And Investments Of Insurers
Section 58-27-1 - Application of chapter.
Section 58-27-2 - Eligible investments by insurers--Violation as misdemeanor.
Section 58-27-3 - Time of determination of eligibility of investment.
Section 58-27-4 - Prior legal investment deemed eligible.
Section 58-27-5 - Acquisition of ineligible securities or property--Disposition.
Section 58-27-7 - Investments required to produce income--Exemptions--Rules.
Section 58-27-9 - Obligations of United States or Canada.
Section 58-27-10 - Loans guaranteed by United States or Canada.
Section 58-27-11 - Obligations of states, provinces, and political subdivisions.
Section 58-27-12 - Revenue bonds of states, provinces, and political subdivisions.
Section 58-27-12.1 - Maximum investments in bonds, warrants, and evidence of indebtedness.
Section 58-27-13 - Obligations or stock of federal agencies.
Section 58-27-14 - Certificates of deposit in federally insured banks.
Section 58-27-15 - Federally insured savings and loan accounts.
Section 58-27-15.1 - Credit Union accounts.
Section 58-27-17 - Investments authorized for insurers.
Section 58-27-23 - Nonassessable common stock of corporation--Insurance stocks excepted.
Section 58-27-24 - Stock of solvent insurers meeting requirements.
Section 58-27-26 - Investments in stock of majority owned subsidiary corporations.
Section 58-27-28 - Equipment trust obligations or certificates.
Section 58-27-30 - Collateral loans--Pledge of securities--Restricted amount.
Section 58-27-31 - Policy loans by life insurer--Maximum amount.
Section 58-27-32 - Real estate mortgages and deeds of trust.
Section 58-27-33 - Improved real property defined.
Section 58-27-41 - Maximum loan on security of real property--Misdemeanor.
Section 58-27-43 - Deduction from loan of amount guaranteed by administrator of veterans' affairs.
Section 58-27-44 - Appraisal to determine market value of property.
Section 58-27-46 - "Durable equipment" defined.
Section 58-27-48 - Liens on personal property as additional security permitted.
Section 58-27-49 - Sale of mortgage loans to federal national mortgage association.
Section 58-27-50 - Restrictions on purposes and amount of real estate investments.
Section 58-27-51 - Maximum investments in other assets--Exceptions.
Section 58-27-51.1 - Additional investment authority--Life and health insurers.
Section 58-27-51.2 - Additional investment authority--Property and casualty insurers.
Section 58-27-51.3 - Additional investment authority--Valuation of investments.
Section 58-27-52 - Limits on categories of investments.
Section 58-27-54 - Maximum amount of investment in voting stock of corporation--Exceptions.
Section 58-27-56 - Minimum investments by life insurer.
Section 58-27-57 - Maximum amount of investment in certain classes of securities.
Section 58-27-58 - Limitations on investments in corporate stock--Exceptions.
Section 58-27-60 - Limits of investments in real estate--Law governing.
Section 58-27-61 - Investment or loans on own capital stock.
Section 58-27-62 - Loan secured by own stock as collateral.
Section 58-27-64 - Affiliate defined.
Section 58-27-66 - Pension or profit-sharing trust agreement not prohibited.
Section 58-27-67 - Underwriting of securities or property prohibited.
Section 58-27-68 - Foreign insurer--Permitted investment portfolio--Domicile of alien insurer.
Section 58-27-69 - Authorization of investment or loan by board or committee of insurer.
Section 58-27-73 - Immediate disposal of ineligible property or security unlawfully acquired.
Section 58-27-74 - Disposal of lawfully acquired ineligible property--Extension of time.
Section 58-27-75 - Ineligible personal property or securities not allowable as assets of insurer.
Section 58-27-77 - Immediate disposal of ineligible investment unlawfully acquired.
Section 58-27-78 - Nominee holding investments--Definitions.
Section 58-27-79 - Name in which investments held.
Section 58-27-80 - Holding in name of clearing corporation, custodian bank or nominee--Conditions.
Section 58-27-82 - Participation in federal reserve book-entry system.
Section 58-27-84 - Evidence of investment required in absence of certificate.
Section 58-27-87 - Banking patronage as prerequisite to issuance of insurance policy prohibited.
Section 58-27-89 - Definition of terms.
Section 58-27-90 - Limitations on acquiring medium or lower grade obligations.
Section 58-27-91 - Obligations contracted prior to July 1, 1992.
Section 58-27-92 - Multiple obligations in same institution.
Section 58-27-94 - Limit on amount invested in medium or lower grade obligations.
Section 58-27-95 - Restructuring of medium or lower grade obligation already held.
Section 58-27-96 - Conflicting provisions.
Section 58-27-97 - Excess transactions.
Section 58-27-98 - Promulgation of rules.
Section 58-27-99 - Application of §§ 58-27-89 to 58-27-102.
Section 58-27-100 - Time limit for compliance with §§ 58-27-89 to 58-27-102.
Section 58-27-101 - Investment in money market funds.
Section 58-27-102 - Investment in company owned life insurance contracts.
Section 58-27-103 - Investment in a collateralized pool of mortgages--Requirements--Restrictions.
Section 58-27-105 - Foreign investments.
Section 58-27-107 - Ratification of investment.
Section 58-27-108 - Rating and valuation of investments--Requirements--Divestment.
Section 58-27-109 - Institution defined.
Section 58-27-110 - Title plans investments.
Section 58-27-111 - Joint venture and limited partnership investments.