SDCL § 58-27-11: Obligations of states, provinces, and political subdivisions.

An insurer may invest any of its funds in bonds, warrants, or other evidences of indebtedness which are general obligations of, or are secured by pledge of specific revenues by, this state or of any other state of the United States or province of Canada or of any of the political subdivisions or other taxing districts of such states or provinces.