South Dakota Codified Laws
Chapter 37A - Fraternal Benefit Societies
Section 58-37A-21 - Authorized investments.

58-37A-21. Authorized investments.
A society shall invest its funds only in the investments that are authorized by the laws of this state for the investment of assets of life insurers and subject to the same limitations. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country, or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.

Source: SL 1990, ch 410, §21.

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 58 - Insurance

Chapter 37A - Fraternal Benefit Societies

Section 58-37A-1 - Fraternal benefit society defined.

Section 58-37A-2 - Lodge system--Regular meetings--Lodges for children.

Section 58-37A-3 - Representative form of government determined.

Section 58-37A-4 - Definition of terms.

Section 58-37A-5 - Benefits and purposes of society--Power to adopt laws and rules for governing the society.

Section 58-37A-6 - Specification of laws or rules--Membership rights.

Section 58-37A-7 - Location of office and meetings--Official publication--Annual synopsis--Grievance procedures provided.

Section 58-37A-8 - Liability of officers and members of governing body--Indemnification and reimbursement--Insurance--Liability of noncompensated member.

Section 58-37A-9 - Provisions of laws may not be waived.

Section 58-37A-10 - Procedure for formation of a society--Transaction by unincorporated society is a misdemeanor.

Section 58-37A-11 - Amendments to society laws--Adoption--Filing--Printing as prima facie evidence.

Section 58-37A-12 - Nonprofit organization created by society.

Section 58-37A-13 - Reinsurance agreement--Ceding risks.

Section 58-37A-14 - Consolidation or merger.

Section 58-37A-15 - Conversion into life insurance company--Plan--Approval.

Section 58-37A-16 - Contractual benefits allowed.

Section 58-37A-17 - Beneficiary designations--Funeral benefits.

Section 58-37A-18 - Money or other benefits not attachable for individual debts.

Section 58-37A-19 - Benefit certificates.

Section 58-37A-20 - Basis for computing value of nonforfeiture benefits.

Section 58-37A-21 - Authorized investments.

Section 58-37A-22 - Permissible use of assets and special funds--Establishing separate accounts and issuing contracts.

Section 58-37A-23 - Exemption from other insurance laws.

Section 58-37A-24 - Exemption from certain taxes.

Section 58-37A-25 - Standards of valuation for certificates--Maintenance of excess reserves.

Section 58-37A-26 - Annual statement of affairs--Valuation of certificates--Filing requirements.

Section 58-37A-27 - License to transact business--Annual expiration and renewal--License fee--Copy of license as evidence.

Section 58-37A-28 - Examination of domestic, foreign, and alien societies--Requirements--Responsibility for expenses--Report of examination.

Section 58-37A-29 - Foreign or alien society--Qualifications and procedure for admission to transact business in state.

Section 58-37A-33 - Insurance producers--When license is required.

Section 58-37A-34 - Applicability of unfair trade prohibitions--Determination of membership requirements and to whom benefits offered.

Section 58-37A-35 - Appointment of director as attorney for service of process--Copy forwarded to secretary of society--Time for filing answer--Fee paid by plaintiff.

Section 58-37A-36 - Fraudulent statements, and soliciting membership in unlicensed societies as crimes.

Section 58-37A-37 - Judicial review of actions of director.

Section 58-37A-38 - Exempt societies--Allowance of compensation for procuring new members prohibited--Director to determine exemption--Exempt societies not subject to insurance laws.

Section 58-37A-38.1 - Inapplicability of subdivision 58-37A-38(2) to certain societies, orders, and associations.

Section 58-37A-39 - Application of other provisions.