S.D. Admin. R. 20:06:03:38

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:03:38 - Interest in stock of the insurer

Stock interests should be divulged as follows:

(1) The amount of each class of stock of the insurer which the solicitor owns beneficially, directly or indirectly;

(2) The amount of each class of stock of the insurer which the solicitor owns of record but not beneficially;

(3) With respect to the stock specified in subdivisions (1) and (2) the amounts acquired within the past two years, the dates of acquisition and the amounts acquired on each date;

(4) If any part of the purchase price or market value of any of the stock specified in subdivision (3) is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such stock, it shall be stated and indicated, the amount of the indebtedness as of the latest practicable date. If such funds were borrowed or obtained otherwise than pursuant to a margin account or bank loan in the regular course of business of a bank, broker or dealer the transaction shall be briefly described and the names of the parties shall be stated;

(5) Whether or not the solicitor is a party to any contracts, arrangements or understandings with any person with respect to any stock of the insurer, including but not limited to joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. If so, the persons with whom such contracts, arrangements, or understandings exist shall be named and the details thereof given;

(6) The amount of stock of the insurer owned beneficially, directly or indirectly, by each of the associates and the name and address of each such associate;

(7) The amount of each class of stock of any parent, subsidiary or affiliate of the insurer which the solicitor owns beneficially, directly or indirectly.

S.D. Admin. R. 20:06:03:38

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.