58-7-18. Deposit of reserves in financial institutions.Deposits required under this title may be made in South Dakota safe deposit institutions, banks, or trust companies selected by the insurer with the director's prior approval or may be made in the depository outside of the state approved by the director. The director may, upon written request of the insurer, permit a deposit to be made with and held by the trust department of a national or state bank approved by the director for the purpose and under depository or custodial arrangements approved by the director. Source: SL 1966, ch 111, ch 7, §5 (1); SL 1991, ch 398, §9.
South Dakota Legal Code