<html> <head> <title>Rule 06:02:02:06.01 Surety bonds as security for public deposits in lieu of pledging eligible securities or furnishing letters of credit.</title> <META NAME="Keywords" Content="Administrative Rules 06:02:02:06.01"> <META NAME="Description" Content="Administrative Rules 06:02:02:06.01 Surety bonds as security for public deposits in lieu of pledging eligible securities or furnishing letters of credit."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 14 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4;} @font-face {font-family:Times; panose-1:2 2 6 3 5 4 5 2 3 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; punctuation-wrap:simple; text-autospace:none; font-size:10.0pt; font-family:"Times","serif";} /* Page Definitions */ @page WordSection1 {size:8.5in 11.0in; margin:49.7pt 63.35pt 49.7pt 1.0in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US> <div class=WordSection1> <p class=MsoNormal style='text-align:justify'><a name="_GoBack"></a><span style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>6:02:02:06.01.&nbsp;&nbsp;Surety bonds as security for public deposits in lieu of pledging eligible securities or furnishing letters of credit.</b> 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 &#167;&nbsp;6:02:02:03. Each surety bond must be issued by an insurance company licensed under SDCL title <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58">58</A> 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.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman","serif"'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman","serif"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 24 SDR 93, effective January 12, 1998; 42 SDR 51, effective October 13, 2015.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman","serif"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-6A-20">4-6A-20.</A></span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman","serif"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-6A-3">4-6A-3</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-6A-4">4-6A-4</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-6A-5">4-6A-5.</A></span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman","serif"'>&nbsp;</span></p> </div> </body> </html>