Title 58 — INSURANCE

Notwithstanding the requirements of §§ 58-27-89 and 58-27-90 , a domestic insurer may acquire an obligation of an institution in which the insurer already has one or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligatio…

The board of directors of any domestic insurance company which acquires or invests in, directly or indirectly, medium or lower grade obligations of any institution, shall adopt a written plan for the making of those investments. The plan, in addition to guidelines with respect to…

No domestic insurer may invest more than an aggregate of one percent of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one institution nor may it invest more than one - half of one percent of its admitted assets in lower grade obligations is…

A domestic insurer is not prohibited from acquiring an obligation as a result of a restructuring of a medium or lower grade obligation already held. Source: SL 1992, ch 350 , § 7.

If any provision of this Title conflicts with the provisions of §§ 58-27-89 to 58-27-102 , inclusive, and has a lesser standard of investment, the provisions of §§ 58-27-89 to 58-27-102 , inclusive, shall prevail. Source: SL 1992, ch 350 , § 8.

If an insurer exceeds any one category, the excess is nonadmitted and the director may require the company to increase capital and surplus to protect policyholders. The insurer's excess transaction is also subject to §

The director may promulgate rules, pursuant to chapter 1-26 , for determining the quality and quantity of investments and assets. Source: SL 1992, ch 350 , § 10.

Application of §§ 58-27-89 to

Source: SL 1966, ch 111 , ch 6, § 16; SL 1969, ch 130 ; SL 1994, ch 385 .