20:06:04:39Merger defined.
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
A merger within the meaning of §§ 20:06:04:38 to 20:06:04:40, inclusive, shall include the sale or purchase of substantially all the assets of one insurer by another in exchange for stock which is then distributed to the security holders of the insurer which sold its assets.
Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.