Concurrently with the filing of the application provided for in § 58-34-7, the attorney of a domestic reciprocal insurer shall file with the director a bond in favor of the State of South Dakota for the benefit of all persons damaged as a result of a breach of the conditions of his bond as set forth in § 58-34-9. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the director's approval.

Source: SL 1966, ch 111 , ch 19, § 12 (1).