S.D. Admin. R. 20:06:04:46
Current through Register Vol. 51, page 57, November 12, 2024
A director or officer of an insurer may not effect any foreign or domestic arbitrage transaction in any equity security of that insurer, unless the director or officer includes the transaction in the statements required by SDCL 58-5-69 and accounts to the insurer for the profits arising from the transaction as provided in SDCL 58-5-71 to 58-5-73, inclusive, thereof. The provisions of SDCL 58-5-70 do not apply to such arbitrage transactions. The provisions of the Act do not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than the director or officer of the insurer.
S.D. Admin. R. 20:06:04:46
General Authority: SDCL 58-5-77.
Law Implemented: SDCL 58-5-76.