<html> <head> <title>Rule 20:06:11:01 Exemptions from restrictions on insiders' interests, board of directors.</title> <META NAME="Keywords" Content="Administrative Rules 20:06:11:01"> <META NAME="Description" Content="Administrative Rules 20:06:11:01 Exemptions from restrictions on insiders' interests, board of directors."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:06:11:01.&nbsp;&nbsp;Exemptions from restrictions on insiders' interests, board of directors.</b> Subject to the provisions of §&nbsp;20:06:11:04, SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-61">58-5-61</A> shall not prevent the receipt of any fee, brokerage, commission or other consideration by a director, or by a corporation or partnership in which such director has a beneficial interest, on account of services rendered to an insurer as a securities broker, lawyer, licensed practitioner of a healing art or licensed insurance agent of the insurer provided such director is not otherwise an officer or employee of the insurer. The fee, brokerage, commission or other consideration shall not exceed the usual or customary compensation for similar services by members, not directors, of the same profession or business.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 1 SDR 53, effective January 27, 1975; 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-4-1">58-4-1</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-65">58-5-65.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-5-61">58-5-61.</A></p> </div> </body> </html>