Section 58-5-93 - Location of home office and principal place of business of domestic insurers--Records maintained. - South Dakota Statutes

58-5-93. Location of home office and principal place of business of domestic insurers--Records maintained. Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kinds of insurance transacted. The provisions of this section requiring that a domestic insurer maintain its principal place of business and home office in this state do not apply to the sale of a wholly owned subsidiary of a domestic insurer whose net worth does not represent more than seven percent of its parent company's assets.

Source: SL 1966, ch 111, ch 16, § 24 (1); SL 1985, ch 387.