58-15-70. Policy settlements by life insurer.
Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Source: SL 1966, ch 111, ch 23, §32.
Structure South Dakota Codified Laws
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 58-15-6 - Standard provisions inapplicable to single premium or term policies.
Section 58-15-7 - Description of policy in title.
Section 58-15-8.1 - Notice of right of cancellation after receipt of policy--"Free look" provision.
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 58-15-15.9 - 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 58-15-15.13 - Private placement policy defined.
Section 58-15-15.14 - Premium defined.
Section 58-15-18 - Loan value of policy--Indebtedness deducted.
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 58-15-26 - 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 58-15-26.4 - Notice to beneficiary of interest.
Section 58-15-26.5 - Application limited.
Section 58-15-28 - Industrial life policy--Payment of benefits.
Section 58-15-29 - Installment payments--Table of guaranteed installments required.
Section 58-15-31 - Nonforfeiture benefits in policies issued under standard nonforfeiture law.
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 58-15-38 - Adjusted premiums and present values--Computation.
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 58-15-43.4 - 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 58-15-43.9 - 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 58-15-45 - Excluding or restricting coverage in case of death--Permissible exclusions.
Section 58-15-51 - Limitation of action on policy--Minimum time.
Section 58-15-53 - Use of prohibited policy provision which is more favorable to insured.
Section 58-15-57 - Annuity and endowment contracts--Standard provisions required, exceptions.
Section 58-15-59 - Annuities and endowments--Entire agreement contained in contract and application.
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 58-15-64 - 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 58-15-69 - 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 58-15-83 - Plans excluded from application of §§ 58-15-83 to 58-15-93, inclusive.
Section 58-15-84 - Provisions required in annuity contracts.
Section 58-15-86 - Present value of paid-up annuity benefit--Computation.
Section 58-15-87 - Cash surrender benefits--Calculation of minimum--Death benefit.
Section 58-15-91 - Lapse of time and payments beyond cessation year allowed for calculations.
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 58-15-98 - 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.