SDCL § 58-5-120: Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director.

A domestic stock insurer may reinsure all or substantially all of its insurance in force, or of a major class thereof, with another insurer by an agreement of bulk reinsurance; provided however no such agreement shall become effective unless filed with the director of the Division of Insurance and approved by him in writing after a hearing thereon.