58-28-14. Approval required to maintain guaranteed benefits and funds in separate account.
Except with the approval of the director and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:
(1)Benefits guaranteed as to dollar amount and duration and
(2)Funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account.
Source: SL 1966, ch 111, ch 6, §36 (4); §36 (2) as amended by SL 1967, ch 131; SDCL, §58-28-2; SL 1969, ch 132; SL 1971, ch 266, §1 (3).
Structure South Dakota Codified Laws
Chapter 28 - Separate Life Insurance And Annuity Accounts
Section 58-28-14 - Approval required to maintain guaranteed benefits and funds in separate account.
Section 58-28-16 - Gains and losses from allocated assets credited or charged to separate account.
Section 58-28-17 - Ownership by insurer--Not a trustee.
Section 58-28-18 - Separate account not chargeable with liabilities from other business.
Section 58-28-19 - Voting and other rights accorded to beneficiaries of accounts.
Section 58-28-20 - Restrictions on transfers between accounts.
Section 58-28-21 - Valuation of assets allocated to account.
Section 58-28-22 - Valuation of portion of assets equal to reserve liability.
Section 58-28-23 - Contract to state procedure for determining amount of variable benefits.
Section 58-28-24 - Statement included as to variability of benefits.
Section 58-28-24.1 - Right of annuitant to cancel--Refund by insurer.
Section 58-28-25 - Approval by director required for variable contracts.
Section 58-28-26 - Factors considered by director in examining variable contracts.
Section 58-28-27 - Affiliated insurer measured by factors applicable to parent.
Section 58-28-28 - Grace, reinstatement, and nonforfeiture provisions required.
Section 58-28-29 - Actuarial standards for reserve liability on variable contracts.
Section 58-28-30 - General insurance law applicable--Exceptions.
Section 58-28-32 - Deferment of variable death benefits payment--Time period--State of emergency.