S.D. Admin. R. 20:06:03:29

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:03:29 - Bonus, profit sharing, and other remuneration plans

If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan, of the insurer, furnish the following information:

(1) A brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class and the basis of such participation;

(2) The amounts which would have been distributable under the plan during the last calendar year to:

(a) Each person named in item seven of this schedule;

(b) Directors and officers as a group; and

(c) To all other employees as a group, if the plan had been in effect;

(3) If the plan to be acted upon may be amended, other than by a vote of stockholders, in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in subdivision (2) of this section, the nature of such amendments should be specified.

S.D. Admin. R. 20:06:03:29

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.