Section 58-27-54 - Maximum amount of investment in voting stock of corporation--Exceptions

58-27-54. Maximum amount of investment in voting stock of corporation--Exceptions.An insurer may not invest in or hold at any one time more than ten percent of the outstanding voting stock of any corporation, except with respect to voting rights of preference stock during default and of dividends; this section does not apply to stock of a majority owned subsidiary of the insurer or to controlling stock of an insurer acquired under §§58-27-24 to 58-27-26, inclusive. Source: SL 1966, ch 111, ch 6, §5 (2); SL 1983, ch 376, §7.