58-10-17. Creation of entity to purchase, hold, or administer insurance contract on life of individual settlor.
A person who has an insurable interest in the life of an individual settlor pursuant to subdivisions 58-10-4(1) to (6), may create an entity solely for the purpose of purchasing, holding, or administering an insurance contract on the life of the individual settlor. Neither an insurance policy issued to the entity nor any ownership interest in the entity itself may be sold or voluntarily transferred to any entity other than one with an insurable interest in the life of the same individual settlor pursuant to subdivisions 58-10-4(1) to (6). For purposes of this section, entity, has the same meaning as the definition of, person, in subdivision 58-1-2(14).
Source: SL 2015, ch 247, ยง1.
Structure South Dakota Codified Laws
Chapter 10 - Insurable Interest
Section 58-10-1 - Application to all insurance and annuity contracts--Exceptions.
Section 58-10-2 - Policy defined.
Section 58-10-4 - Insurable interest in personal insurance defined.
Section 58-10-5 - Insurance benefits recoverable from beneficiary without insurable interest.
Section 58-10-6 - Consent of insured required for life or health insurance on an individual.
Section 58-10-7 - Insurance of property--Insurable interest required.
Section 58-10-8 - Insurable interest in property defined.
Section 58-10-9 - Measure of insurable interest in property.
Section 58-10-11 - Change of property interest on death of insured.
Section 58-10-12 - Transfer of property interest between joint insureds.
Section 58-10-13 - Trust defined.
Section 58-10-14 - Business trust defined.
Section 58-10-15 - Trust to be governed by South Dakota law.
Section 58-10-16 - Retroactive effect of statutory provisions regarding trusts.