58-16-16. Industry fund groups--Minimum number of persons required to be insured.A policy issued under §58-16-12 must cover at date of issue at least one hundred persons; and it must cover an average of not less than three persons per employer unit unless the policy is issued to the trustees of a fund established by employers which have assumed obligations through a collective bargaining agreement and are participating in the fund either pursuant to those obligations with regard to one or more classes of their employees which are encompassed in the collective bargaining agreement or as a method of providing insurance benefits for other classes of their employees, or unless the policy is issued to the trustees of a fund established by one or more labor unions. Source: SL 1966, ch 111, ch 24, §1 (4) (d).
South Dakota Legal Code