Section 58-5-85 - Domestic insurers--Management and exclusive agency contracts, filing with andapproval by director--Violation as misdemeanor. - South Dakota Statutes

58-5-85. Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor. No domestic insurer shall make or participate in any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with and approved by the director of the Division of Insurance. Violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 16, § 23 (1); SL 1978, ch 359, § 2.