S.D. Admin. R. 20:06:11:03

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

Section 20:06:11:03 - Definition of "pecuniarily interested"

Any officer or director, any member of any committee, or any employee charged with the duty of investing an insurer's funds shall be deemed not to be pecuniarily interested in any particular transaction of the insurer because of the receipt of:

(1) Compensation for regular services rendered in employment by the insurer; or

(2) Payments, under a contract, for which services were rendered to the insurer prior to such person becoming an officer, director, member of a committee, or employee charged with the duty of investing the insurer's funds.

S.D. Admin. R. 20:06:11:03

1 SDR 53, effective 1/27/1975; 4 SDR 6, effective 8/9/1977; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-65.

Law Implemented: SDCL 58-5-61.