<html> <head> <title>Rule 20:07:18:06 Financial information.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:18:06"> <META NAME="Description" Content="Administrative Rules 20:07:18:06 Financial information."> <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>20:07:18:06.&nbsp;&nbsp;Financial information.</b> Before purchasing a cash value life insurance policy, the board of directors shall evaluate the financial condition and rating, if any, of the insurance company based on current financial information. This evaluation and all subsequent evaluations shall be recorded in the minutes of the board of directors. The board shall continue to evaluate the company's financial condition and rating at least annually.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 20 SDR 33, effective September 5, 1993; 21 SDR 194, effective May 18, 1995.</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>