S.D. Admin. R. 20:06:31:04.04

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

Section 20:06:31:04.04 - Government obligations

Trust assets may be invested in government obligations that are not in default as to principal or interest, that are valid and legally authorized and that are issued, assumed or guaranteed by:

(1) The United States or by any agency or instrumentality of the United States;

(2) A state of the United States;

(3) A territory, possession or other governmental unit of the United States;

(4) An agency or instrumentality of a governmental unit if the obligations shall be payable by law, as to both principal and interest, from taxes levied or required by law to be levied or from adequate special revenues pledged or otherwise appropriated or required by law to be provided for making these payments, but may not be obligations eligible for investment under this section if payable solely out of special assessments on properties benefited by local improvements; or

(5) The government of any other country that is a member of the Organization for Economic Cooperation and Development and whose government obligations are rated A or higher, or the equivalent, by a rating agency recognized by the Securities Valuation Office of the National Association of Insurance Commissioners.

S.D. Admin. R. 20:06:31:04.04

44 SDR 71, effective 10/23/2017

General Authority: SDCL 58-14-17.

Law Implemented: SDCL 58-14-11, 58-14-13, 58-14-17, 58-14-20.