SDCL § 58-5-87: Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds.

The contract shall be deemed approved unless disapproved by the director within twenty days after date of filing, subject to such reasonable extension of time as the director may require by notice given within such twenty days. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.