<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-5-114 - Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074104Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074104SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074104CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074104Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2074104DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074104DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074104000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074104SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074104SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2074104Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5-114"><span class="s2074104SENU">58-5-114</span></a><span xml:space="preserve" class="s2074104SENU">. </span><span class="s2074104CL">Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer.</span></p><p dir="ltr" class="s2074104Normal-000000"><span class="s2074104DefaultParagraphFont">If a domestic stock insurer's basic paid</span><span class="s2074104DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2074104DefaultParagraphFont">in capital as required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-6-23"><span class="s2074104DefaultParagraphFont">58-6-23</span></a><span xml:space="preserve" class="s2074104DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-6-26"><span class="s2074104DefaultParagraphFont">58-6-26</span></a><span xml:space="preserve" class="s2074104DefaultParagraphFont">, inclusive, or the minimum basic surplus of a domestic mutual insurer as required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5-21"><span class="s2074104DefaultParagraphFont">58-5-21</span></a><span xml:space="preserve" class="s2074104DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5-22"><span class="s2074104DefaultParagraphFont">58-5-22</span></a><span xml:space="preserve" class="s2074104DefaultParagraphFont"> becomes impaired, the director of the Division of Insurance shall at once determine the amount of deficiency and serve notice upon the insurer to cure the deficiency and file proof thereof with him within the period specified in the notice, which period shall be not less than thirty nor more than ninety days from the date of the notice.</span></p><p dir="ltr" class="s2074104Normal"><span xml:space="preserve" class="s2074104000002"> </span></p><p dir="ltr" class="s2074104Normal"><span class="s2074104SCL">Source:</span><span xml:space="preserve" class="s2074104SCL-000003"> SL 1966, ch 111, ch 16, § 35 (1).</span></p></div></body></html>