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 100 percent of the amount of that portion of the public deposits to be secured by the eligible collateral.

          Source: 24 SDR 93, effective January 12, 1998; 42 SDR 51, effective October 13, 2015.

          General Authority: SDCL 4-6A-20.

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