An insurer may invest in company owned life insurance contracts if: (1) The life insurance is whole life; (2) The life insurance contract does not vest in any employee of the insurer; and (3) The company is the beneficiary and has an insurable interest. All cash values of life insurance contracts owned by the insurers under this section may not at any one time exceed five percent of the insurers' admitted assets.
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.