58-5-131. Filing and hearing on consolidation or merger plan--Grounds for disapproval.No such merger or consolidation shall go into effect until the plan and agreement therefor is filed with the director and approved by him after a hearing thereon. Such plan and agreement shall be approved by the director within a reasonable time unless he finds such plan or agreement:(1)Is contrary to law; or(2)Is inequitable to the policyholders of any domestic insurer involved; or(3)Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer. Source: SL 1966, ch 111, ch 16, §38 (2).
South Dakota Legal Code