S.D. Admin. R. 20:06:04:02

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

Section 20:06:04:02 - Securities held of record

For the purpose of determining whether the equity securities of an insurer are held of record by 100 or more persons, securities shall be deemed to be held of record by each person who is identified as the owner of such securities on records of security holders maintained by or on behalf of the insurer, subject to the following:

(1) In any case where the records of security holders have not been maintained in accordance with accepted practice, any additional person who would be identified as such an owner on such records if they had been maintained in accordance with accepted practice shall be included as a holder of record;

(2) Securities identified as held of record by a corporation, a partnership, a trust whether or not the trustees are named, or other organization shall be included as so held by one person;

(3) Securities identified as held of record by one or more persons as trustees, executors, guardians, custodians or in other fiduciary capacities with respect to a single trust, estate or account shall be included as held of record by one person;

(4) Securities held by two or more persons as co-owners shall be included as held by one person;

(5) Each outstanding unregistered or bearer certificate shall be included as held of record by a separate person, except to the extent that the insurer can establish that, if such securities were registered, they would be held of record, under the provisions of this section, by a lesser number of persons;

(6) Securities registered in substantially similar names, where the insurer has reason to believe because of the address or other indications that such names represent the same person, may be included as held of record by one person.

S.D. Admin. R. 20:06:04:02

4 SDR 6, effective 8/9/1977; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-5-77.

Law Implemented: SDCL 58-5-68 to 58-5-78.