No person may effectuate or attempt to effectuate an acquisition of control of, divestiture of, or merger with, a domestic insurer unless it has been approved by the director. A violation of this section is a Class 2 misdemeanor.

Source: SL 1972, ch 267 , §§ 12 (2), 36; SDCL Supp, § 58-5A-42 ; SL 1978, ch 359 , § 2; SL 2015, ch 246 , § 6.