Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. Source: SL 1966, ch 111 , ch 16, § 15 (1).
Membership of policyholders in domestic mutual insurer--Reinsurance contract excepted
SDCL § 58-5-27 — under ORGANIZATION AND GENERAL POWERS OF INSURERS.
SDCL § 58-5-27