58-7-29. Deposit exceeding requirements--Release to insurer upon request--Release during insolvency of insurer.
An insurer may so deposit and have on deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title, for the purpose of absorbing fluctuations in the value of assets and securities deposited, and to facilitate the exchange and substitution of such assets and securities. During the solvency of the insurer any such excess shall be released to the insurer upon its request. During the insolvency of the insurer such excess deposit shall be released only as provided in §58-7-37.
Source: SL 1966, ch 111, ch 7, §11.
Structure South Dakota Codified Laws
Chapter 07 - Insurers' Deposits With State
Section 58-7-2 - Assets acceptable for deposit of reserves.
Section 58-7-3 - Credit of other deposit against reserve deposit.
Section 58-7-4 - Annual deposit of additional securities to cover increase of reserves.
Section 58-7-5 - Ineligibility for deposit of securities in default.
Section 58-7-6 - Authorized deposits of insurers.
Section 58-7-7 - Purpose of deposits.
Section 58-7-8 - Certificates of deposit--Eligible securities--Purpose of deposits.
Section 58-7-16 - Record by director of assets deposited.
Section 58-7-17 - Release of assigned security--Reassignment to insurer or other person.
Section 58-7-18 - Deposit of reserves in financial institutions.
Section 58-7-20 - Terms of depository or custodial arrangements for deposit of reserves.
Section 58-7-21 - Forms and terms of depository or custodial arrangement.
Section 58-7-22 - Compensation and expenses of depository or custodian borne by insurer.
Section 58-7-23 - Nonliability of director and state for safekeeping by custodian.
Section 58-7-24 - Custodial arrangements--Termination by director--New arrangements.
Section 58-7-25 - Effect of deposit in foreign state.
Section 58-7-26 - Sufficiency of deposit--Valuation of assets.
Section 58-7-28 - Appraisal or valuation of deposited assets or securities--Cost borne by insurer.
Section 58-7-30 - Right of insurer to deposited assets and securities during solvency.
Section 58-7-31 - Levy upon deposited assets and securities.
Section 58-7-32 - Deposits by foreign or alien insurers not subject to taxation.
Section 58-7-33 - Duration of deposit of assets and securities.
Section 58-7-34 - Release of deposit on request of domestic insurer.
Section 58-7-35 - Return of deposit of foreign insurer.
Section 58-7-36 - Return of deposit upon merger or consolidation of insurer.
Section 58-7-38 - Release of deposited assets--Terms--Nonliability of director acting in good faith.