South Dakota Codified Laws
Chapter 15 - Life Insurance And Annuities
Section 58-15-15.12 - Insurance policy loan--Application of statutes on interest rates to prior contracts.

South Dakota Codified Laws

Title 58 - Insurance

Chapter 15 - Life Insurance And Annuities

Section 58-15-1 - Application of chapter.

Section 58-15-2 - "Industrial life insurance" defined.

Section 58-15-3 - Investment of trust funds in life insurance and annuities.

Section 58-15-4 - Standard provisions required in policy of life insurance, exceptions.

Section 58-15-5 - Standard provisions inapplicable to annuity contract or health or accident benefits.

Section 58-15-6 - Standard provisions inapplicable to single premium or term policies.

Section 58-15-7 - Description of policy in title.

Section 58-15-8 - Entire contract contained in policy and application--Statement of applicant not deemed a warranty.

Section 58-15-8.1 - Notice of right of cancellation after receipt of policy--"Free look" provision.

Section 58-15-8.2 - Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.

Section 58-15-9 - Effect of misstatement in policy regarding age.

Section 58-15-10 - Incontestability provision required--Exceptions.

Section 58-15-11 - Exclusions and restrictions unaffected by incontestability clause.

Section 58-15-12 - Payment of premiums provision.

Section 58-15-13 - Grace period in policy.

Section 58-15-14 - Automatic premium loan--Provision optional with insurer.

Section 58-15-15 - Insurance policy loan--Security--Maximum amount--Private placement policies.

Section 58-15-15.4 - Insurance policy loan--Definition of terms.

Section 58-15-15.5 - "Published monthly average" defined.

Section 58-15-15.6 - Insurance policy loan--Permitted interest rates.

Section 58-15-15.7 - Insurance policy loan--Allowable rate under adjustable maximum interest rate.

Section 58-15-15.8 - Insurance policy loan--Determination of interest under adjustable maximum interest rate.

Section 58-15-15.9 - Insurance policy loan--Notice of interest rate to policyholder.

Section 58-15-15.10 - Insurance policy loan--Loan value of policy.

Section 58-15-15.11 - Insurance policy loan--Provisions of statutes required in policies.

Section 58-15-15.12 - Insurance policy loan--Application of statutes on interest rates to prior contracts.

Section 58-15-15.13 - Private placement policy defined.

Section 58-15-15.14 - Premium defined.

Section 58-15-16 - Loans on policies issued prior to the adoption of standard policy provisions--Loan value--Deferment of application--Private placement policies.

Section 58-15-17 - Loans on policies under standard policy provisions--Loan value--Deferment of application--Private placement policies.

Section 58-15-18 - Loan value of policy--Indebtedness deducted.

Section 58-15-19 - Delinquent interest on policy loan exceeding amount of loan value--Termination of policy, notice.

Section 58-15-20 - Policy loan provisions inapplicable to term insurance or industrial life insurance policies.

Section 58-15-21 - Nonforfeiture of benefits--Cash surrender value--Provisions required in policies.

Section 58-15-22 - Reinstatement provisions required in policy.

Section 58-15-23 - Participating policies--Annual dividends, ascertainment, and apportionment.

Section 58-15-24 - Participating policies--Rights of policyholder to dividends.

Section 58-15-25 - Participating industrial life insurance policies--Annual participation of policy in divisible surplus.

Section 58-15-26 - Payment of claims for benefits--Private placement policies.

Section 58-15-26.1 - Insurers to pay interest on life insurance proceeds.

Section 58-15-26.2 - Computation of interest.

Section 58-15-26.3 - Interest not required where beneficiary elects to receive other than lump sum payment.

Section 58-15-26.4 - Notice to beneficiary of interest.

Section 58-15-26.5 - Application limited.

Section 58-15-27 - Beneficiary to be designated in industrial life policy--Change of beneficiary--Endorsement on policy.

Section 58-15-28 - Industrial life policy--Payment of benefits.

Section 58-15-29 - Installment payments--Table of guaranteed installments required.

Section 58-15-30 - Nonforfeiture benefits in policies issued prior to the adoption of standard nonforfeiture law.

Section 58-15-31 - Nonforfeiture benefits in policies issued under standard nonforfeiture law.

Section 58-15-33 - Cash surrender value--Amount available under policy on default of premium--Paid-up policy.

Section 58-15-34 - Paid-up nonforfeiture benefits--Default in payment of premium.

Section 58-15-35 - Adjustment of premiums under nonforfeiture provisions.

Section 58-15-36 - Amount of insurance varying with duration of policy--Adjustment of premiums.

Section 58-15-37 - Adjusted premiums--Term insurance benefits provided by rider or supplemental policy.

Section 58-15-38 - Adjusted premiums and present values--Computation.

Section 58-15-39 - Default in payment of premium--Computation of cash surrender value and paid-up nonforfeiture benefit.

Section 58-15-40 - Additional accident benefits--Premiums disregarded in ascertaining cash surrender value.

Section 58-15-41 - Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity contracts, or term insurance.

Section 58-15-42 - Notice by company of election to comply with nonforfeiture benefit provisions--Filing with director.

Section 58-15-43 - Citation of standard nonforfeiture law for life insurance.

Section 58-15-43.1 - Adjusted premiums--Calculation on annual basis.

Section 58-15-43.2 - "Nonforfeiture net level premium" defined.

Section 58-15-43.3 - Initial calculation of changes in benefits or premiums--Recalculation after change.

Section 58-15-43.4 - Recalculated future adjusted premiums.

Section 58-15-43.5 - Additional expense allowance.

Section 58-15-43.6 - Recalculated nonforfeiture net level premium.

Section 58-15-43.7 - Substandard policy--Calculation of adjusted premiums and present value.

Section 58-15-43.8 - Adjusted premiums and present values--Calculation--Applicable procedures and tables.

Section 58-15-43.9 - Nonforfeiture interest rate.

Section 58-15-43.10 - Refiling of nonforfeiture values or methods of computation.

Section 58-15-43.11 - Notice of election to comply with revised nonforfeiture.

Section 58-15-43.12 - Insurance plans to conform to minimum standards of nonforfeiture laws.

Section 58-15-43.13 - Default in payment of premium--Amount of cash surrender value--Amount of nonforfeiture factor--Policies issued after January 1, 1986.

Section 58-15-44 - Dating back of application for insurance to reduce premium prohibited--Contract not invalidated.

Section 58-15-45 - Excluding or restricting coverage in case of death--Permissible exclusions.

Section 58-15-46 - Excluding or restricting coverage in case of death--Return of premiums, adjustment for indebtedness and dividend credits.

Section 58-15-47 - Prohibited policy provisions--Person soliciting insurance or annuity insurance producer of insured.

Section 58-15-48 - Prohibited policy provisions--Construction of contract according to laws of other state or country.

Section 58-15-49 - Prohibited policy provisions--Rights and obligations of insured under contract governed by law of other state.

Section 58-15-50 - Prohibited policy provisions--Depriving courts of jurisdiction of action against insurer.

Section 58-15-51 - Limitation of action on policy--Minimum time.

Section 58-15-52 - Prohibited policy provisions inapplicable to group life insurance, health insurance, reinsurance, annuities, and accident benefits under life insurance policy.

Section 58-15-53 - Use of prohibited policy provision which is more favorable to insured.

Section 58-15-54 - Prohibited policy provisions in industrial life insurance--Denial of liability because of other insurance.

Section 58-15-55 - Prohibited policy provisions in industrial life insurance--Right to declare policy void because of disease or ailment of insured.

Section 58-15-57 - Annuity and endowment contracts--Standard provisions required, exceptions.

Section 58-15-58 - Standard provisions of annuity and endowment contracts inapplicable to deferred annuities under life insurance policies.

Section 58-15-59 - Annuities and endowments--Entire agreement contained in contract and application.

Section 58-15-59.1 - Right of annuitant or purchaser to cancel after receipt of contract--Effect of cancellation.

Section 58-15-59.2 - Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.

Section 58-15-60 - Effect of misstatement of age or sex in annuity or endowment contract.

Section 58-15-61 - Incontestability provision in annuity or endowment contract.

Section 58-15-62 - Grace period in annuity or endowment contract.

Section 58-15-63 - Participating annuity or endowment contract--Ascertainment and apportionment of divisible surplus.

Section 58-15-64 - Reinstatement provision required in annuity or endowment contract.

Section 58-15-65 - Reversionary annuity contract--Standard provisions.

Section 58-15-66 - Reinstatement provision required in reversionary annuity contract.

Section 58-15-67 - Reversionary annuity contract provisions inapplicable to group annuities or to annuities included in life insurance policies.

Section 58-15-68 - Incontestability provisions after reinstatement of life insurance policy or annuity contract.

Section 58-15-69 - Reinstated life insurance policy or annuity contract--Limitation of liability.

Section 58-15-70 - Policy settlements by life insurer.

Section 58-15-71 - Life insurance policy--Restrictions on issuing and delivering.

Section 58-15-82 - Uniform life insurance and annuity request forms--Director to adopt by rule--Insurers to accept.

Section 58-15-83 - Plans excluded from application of §§ 58-15-83 to 58-15-93, inclusive.

Section 58-15-84 - Provisions required in annuity contracts.

Section 58-15-85 - Minimum values based on minimum nonforfeiture amounts--Minimum nonforfeiture amounts defined.

Section 58-15-86 - Present value of paid-up annuity benefit--Computation.

Section 58-15-87 - Cash surrender benefits--Calculation of minimum--Death benefit.

Section 58-15-88 - Contracts without cash surrender benefits--Contracts not providing death benefits prior to commencement of payments--Present value calculations.

Section 58-15-89 - Election to have payments commence at optional maturity date--Maturity date used for calculation of benefits.

Section 58-15-90 - Contracts without cash surrender benefits or death benefits at least equal to minimum nonforfeiture amount--Statement in contract.

Section 58-15-91 - Lapse of time and payments beyond cessation year allowed for calculations.

Section 58-15-92 - Annuity and life insurance benefits in excess of greater of cash surrender benefits or return of gross considerations with interest--Minimum nonforfeiture benefits--Additional benefits.

Section 58-15-93 - Election to apply provisions of §§ 58-15-83 to 58-15-93 to annuity contracts--Application of provisions after second anniversary.

Section 58-15-94 - Applicability of §§ 58-15-94 to 58-15-108.

Section 58-15-95 - Definition of terms regarding identification and location of beneficiaries.

Section 58-15-96 - Comparison of policies, annuity contracts, and retained asset accounts against DMF.

Section 58-15-97 - Semi-annual comparison of lapsed policies, annuity contracts, and retained asset accounts against updated DMF.

Section 58-15-98 - Procedures for DMF comparisons--Validation of match.

Section 58-15-99 - Exemption of insurer for financial hardship.

Section 58-15-100 - Requirements upon receipt of information establishing knowledge of death.

Section 58-15-101 - Beneficiary search.

Section 58-15-102 - Disclosure of information to assist in search.

Section 58-15-103 - Search fees and costs not chargeable to beneficiary.

Section 58-15-104 - Provision of claim forms or instructions to beneficiaries.

Section 58-15-105 - Request for information about beneficiaries.

Section 58-15-106 - Compliance documentation.

Section 58-15-107 - Promulgation of rules regarding identification and location of beneficiaries.

Section 58-15-108 - Compliance with unclaimed property act.