<html> <head> <title>Rule 20:07:18:05 Limitations on purchase of life insurance in connection with benefits.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:18:05"> <META NAME="Description" Content="Administrative Rules 20:07:18:05 Limitations on purchase of life insurance in connection with benefits."> <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>20:07:18:05.&nbsp;&nbsp;Limitations on purchase of life insurance in connection with benefits.</b> In purchasing cash value life insurance in connection with employee compensation and benefit plans and deferred director fees programs, a bank may not hold the policies if no liability exists under the deferred compensation or fee plans unless the purchase is specifically approved by the director.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 20 SDR 33, effective September 5, 1993.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-4-42">51A-4-42.</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=51A-4-42">51A-4-42.</A></p> </div> </body> </html>