58-1-16. Exemption of charitable gift annuity from insurance regulation--Qualified organization.
No provision of Title 58 applies to any qualified organization which issues a charitable gift annuity within this state if the qualified organization has operated for a period of ten years and has a minimum of five hundred thousand dollars in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement as of the date of the annuity agreement. For the purposes of this section, a charitable gift annuity means a giving plan or method by which a gift of cash or other property is made to a qualified organization in exchange for its agreement to pay an annuity. For the purposes of this section, a qualified organization means an organization which is either domiciled in South Dakota and has its principal place of business in South Dakota or is qualified to do business in South Dakota as a foreign corporation, and which is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as a charitable organization and regularly files a copy of Federal Form 990 in the Office of the Attorney General or is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as a religious organization or is exempt as a publicly owned or nonprofit, privately endowed educational institution approved, accredited, or licensed by the South Dakota Board of Education Standards, the north central association of colleges and schools, or an equivalent public authority of the jurisdiction where the institution is located.
Source: SL 1994, ch 370, §1; SL 2001, ch 265, §1; SL 2017, ch 81, §57.
Structure South Dakota Codified Laws
Chapter 01 - Definitions And General Provisions
Section 58-1-1 - Citation of title.
Section 58-1-2 - Definition of terms.
Section 58-1-3 - Exemption from title of certain entities and transactions.
Section 58-1-3.1 - Application to business including medical, surgical, or hospital care benefits.
Section 58-1-3.2 - Direct response and mass marketing as insurance transaction.
Section 58-1-3.3 - Health care sharing ministries exempt from title.
Section 58-1-3.4 - Health benefit plan--Agricultural organization--Exemption.
Section 58-1-4 - Particular provisions prevail.
Section 58-1-5 - Compliance required.
Section 58-1-7 - Local licenses and taxes prohibited.
Section 58-1-10 - Existing licenses--Renewal, suspension, revocation or termination.
Section 58-1-11 - General saving clause.
Section 58-1-13 - Severability of provisions.
Section 58-1-14.1 - Notice of refusal to renew--Thirty-day delivery requirement--Exception.
Section 58-1-16.1 - Applicability of § 58-1-16.
Section 58-1-17 - Disclosure statement for issuance of charitable gift annuity.
Section 58-1-20 - Prescription drug information card to be issued upon enrollment--Reissuance.
Section 58-1-21 - "Health benefit plan" defined for purposes of §§58-1-19 to 58-1-23.
Section 58-1-22 - Applicability of §§58-1-19 to 58-1-23.
Section 58-1-23 - Director to enforce provisions--Promulgation of rules.
Section 58-1-24 - Definitions related to genetic testing.
Section 58-1-25 - Use of genetic tests in offer, sale, or renewal of insurance prohibited.
Section 58-1-26 - Retention of records.
Section 58-1-27 - Definitions regarding transmission of electronic documents.
Section 58-1-28 - Transmission and storage of electronic documents permitted.
Section 58-1-29 - Delivery by electronic transmission equivalent to other delivery methods.
Section 58-1-30 - Conditions for transmission of electronic documents.
Section 58-1-31 - Content and timing requirements unaffected.
Section 58-1-32 - Verification or acknowledgment of receipt.
Section 58-1-33 - Effect of failure to obtain electronic consent or confirmation.
Section 58-1-34 - Withdrawal of consent.
Section 58-1-35 - Documents delivered electronically before July 1, 2014.
Section 58-1-36 - Notice to parties consenting to electronic transmission before July 1, 2014.
Section 58-1-37 - Oral communications and recordings--Electronic signatures.
Section 58-1-39 - Products and documents to which §§58-1-27 to 58-1-39 apply.
Section 58-1-40 - English version of policy controls--Transactions in another language permitted.
Section 58-1-41 - Policies and advertising in language other than English permitted.
Section 58-1-43 - Policy statement that dispute resolved by English version.