58-16-30. Association groups--Insurance of members--Minimum number of members required.A policy of group life insurance may be issued to an association, which has been in existence for one or more years, and which has a constitution and bylaws, and which was not formed for the exclusive purpose of procuring insurance, insuring at least one hundred members of the association for the benefit of persons other than the association or its officers. Source: SL 1966, ch 111, ch 24, §1 (5).
South Dakota Legal Code