Section 58-5A-54 - Report of dividends and distributions to shareholders--Time limit. - South Dakota Statutes

58-5A-54. Report of dividends and distributions to shareholders--Time limit. In addition to the filing requirements of §§ 58-5A-23 and 58-5A-35, each registered insurer shall file with the director a report of all dividends and other distributions to shareholders within fifteen business days following the declaration thereof. However, payment may not be made until ten days after the division receives the report. However, payment of an ordinary dividend may be made on the day that it is declared if an intention to declare the dividend is received by the division ten days before the date of payment. The division shall hold the notice of intention to declare a dividend confidential until the dividend has been declared.

Source: SL 1992, ch 341, § 17; SL 1993, ch 359, § 2; SL 1994, ch 373.