AN ACT
ENTITLED, An Act to
clarify the tax exempt and licensure status of fraternal benefit societies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-44-3 be amended to read as follows:
10-44-3. Farm mutual insurers organized and operating under chapter 58-35 and fraternal benefit societies organized, licensed, or operating under chapter 58-37A are hereby declared to constitute a distinct and separate classification of insurance companies and shall be exempt from the tax imposed by this chapter.
Section 2. That chapter 58-37A be amended by adding thereto a NEW SECTION to read as follows:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-44-3 be amended to read as follows:
10-44-3. Farm mutual insurers organized and operating under chapter 58-35 and fraternal benefit societies organized, licensed, or operating under chapter 58-37A are hereby declared to constitute a distinct and separate classification of insurance companies and shall be exempt from the tax imposed by this chapter.
Section 2. That chapter 58-37A be amended by adding thereto a NEW SECTION to read as follows:
The provisions of subdivision 58-37A-38(2) do not apply to any society, order, or association
which had a certificate of authority in this state as of July 1, 2006, nor to any society, order, or
association which is formed on or after July 1, 2007. Any society, order or association not exempt
pursuant to the provisions of this section shall hold a certificate of authority in this state.
An Act to clarify the tax exempt and licensure status of fraternal benefit societies.
An Act to clarify the tax exempt and licensure status of fraternal benefit societies.
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I certify that the attached Act originated in the
SENATE as
Bill
No.
46
____________________________ Secretary of the Senate ____________________________ President of the Senate
Attest:
____________________________ Secretary of the Senate
____________________________
Attest:
____________________________ Chief Clerk
Senate
Bill
No.
46
File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________ for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________ Governor STATE OF SOUTH DAKOTA, ss. Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
