S.D. Admin. R. 20:06:11:01

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

Section 20:06:11:01 - Exemptions from restrictions on insiders' interests, board of directors

Subject to the provisions of § 20:06:11:04, SDCL 58-5-61 shall not prevent the receipt of any fee, brokerage, commission or other consideration by a director, or by a corporation or partnership in which such director has a beneficial interest, on account of services rendered to an insurer as a securities broker, lawyer, licensed practitioner of a healing art or licensed insurance agent of the insurer provided such director is not otherwise an officer or employee of the insurer. The fee, brokerage, commission or other consideration shall not exceed the usual or customary compensation for similar services by members, not directors, of the same profession or business.

S.D. Admin. R. 20:06:11:01

1 SDR 53, effective 1/27/1975; 4 SDR 6, effective 8/9/1977; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-65.

Law Implemented: SDCL 58-5-61.