Statutes, codes, and regulations
South Dakota Administrative Rules
Title 6 - State TreasurerArticle 6:02 - Public deposit protection commission
Chapter 6:02:02 - Collateral segregation
Section 6:02:02:06.01 - Surety bonds as security for public deposits in lieu of pledging eligible securities or furnishing letters of credit

S.D. Admin. R. 6:02:02:06.01

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Current through Register Vol. 51, page 67, December 16, 2024
Section 6:02:02:06.01 - Surety bonds as security for public deposits in lieu of pledging eligible securities or furnishing letters of credit

Corporate surety bonds, when given, must be designated to the commission and together with the value of security offered must be acceptable to the commission according to the requirements in § 6:02:02:03. Each surety bond must be issued by an insurance company licensed under SDCL title 58 or by a surety company which is authorized to transact the business of a surety in this state and each surety bond must have a face value of at least 440 100 percent of the amount of that portion of the public deposits to be secured by the eligible collateral.

S.D. Admin. R. 6:02:02:06.01

24 SDR 93, effective 1/12/1998; 42 SDR 51, effective 10/13/2015

General Authority: SDCL 4-6A-20.

Law Implemented: SDCL 4-6A-3, 4-6A-4, 4-6A-5.