<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 58-5-65 - Other permitted pecuniary interest of director, officer, or employee of insurer. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074059Normal { 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.s2074059SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074059CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074059Normal-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.s2074059DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074059000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074059SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074059SCL-000002 { 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="s2074059Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5-65"><span class="s2074059SENU">58-5-65</span></a><span xml:space="preserve" class="s2074059SENU">. </span><span class="s2074059CL">Other permitted pecuniary interest of director, officer, or employee of insurer.</span></p><p dir="ltr" class="s2074059Normal-000000"><span xml:space="preserve" class="s2074059DefaultParagraphFont">The director of the Division of Insurance may, by regulations, define and permit additional exceptions to the prohibition contained in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-5-61"><span class="s2074059DefaultParagraphFont">58-5-61</span></a><span xml:space="preserve" class="s2074059DefaultParagraphFont"> solely to enable payment of reasonable compensation to a director, officer, or employee of the insurer, or to a corporation or firm in which a director, officer, or employee is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of such director, officer, employee, or such corporation or firm.</span></p><p dir="ltr" class="s2074059Normal"><span xml:space="preserve" class="s2074059000001"> </span></p><p dir="ltr" class="s2074059Normal"><span class="s2074059SCL">Source:</span><span xml:space="preserve" class="s2074059SCL-000002"> SL 1966, ch 111, ch 16, § 22 (5); SL 1974, ch 309.</span></p></div></body></html>