S.D. Admin. R. 20:07:18:05

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:07:18:05 - Limitations on purchase of life insurance in connection with benefits

In purchasing cash value life insurance in connection with employee compensation and benefit plans and deferred director fees programs, a bank may not hold the policies if no liability exists under the deferred compensation or fee plans unless the purchase is specifically approved by the director.

S.D. Admin. R. 20:07:18:05

20 SDR 33, effective 9/5/1993.

General Authority: SDCL 51A-2-13, 51A-4-42.

Law Implemented: SDCL 51A-4-42.