58-33A-7. Director authorized to promulgate rules--Scope of rules.
The director may promulgate rules pursuant to chapter 1-26 to establish specific standards consistent with §58-33A-2. The rules may include standards of full and fair disclosure, that set forth the manner, content, and required disclosure. Except for conversion policies issued pursuant to a contractual conversion privilege under a group, the rules may apply to the sale of individual and group health insurance subject to this chapter and shall be in addition to and in accordance with applicable laws of this state. The rules may include:
(1)Terms of renewability;
(2)Initial and subsequent conditions of eligibility;
(3)Nonduplication of coverage provisions;
(4)Coverage of dependents;
(5)Preexisting conditions;
(6)Termination of insurance;
(7)Probationary periods;
(8)Limitations, exceptions, and reductions;
(9)Elimination periods;
(10)Requirements for replacement;
(11)Recurrent conditions;
(12)Prohibitions on the use of terms, information, phrases, or implied affiliations in advertising;
(13)Prominence, form, and style of any advertisement;
(14)Information to be disclosed on advertising or solicitation materials;
(15)Use of testimonials;
(16)Special offers or enrollment periods;
(17)Coverage comparisons;
(18)Identification of insurers, representatives of the insurers and insurance producers;
(19)Prearrangements or preneed funeral contracts; and
(20)The definition of terms including the following: hospital, accident, sickness, injury, physician, accidental means, total disability, partial disability, nervous disorder, guaranteed renewable and noncancellable.
Source: SL 1999, ch 240, §7; SL 2000, ch 251, §6; SL 2001, ch 286, §215.
Structure South Dakota Codified Laws
Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance
Section 58-33A-1 - Applicability of chapter.
Section 58-33A-2 - Purpose of chapter.
Section 58-33A-3 - "Advertisement" defined.
Section 58-33A-4 - Certain material and communication not deemed to be advertisement.
Section 58-33A-7 - Director authorized to promulgate rules--Scope of rules.
Section 58-33A-8 - Required disclosures to be clear and conspicuous.
Section 58-33A-8.1 - Disclosure of usual, customary, and reasonable limitation provision required.
Section 58-33A-12 - Director's prior approval may be required--Other remedies not precluded.
Section 58-33A-13 - Definition of terms.
Section 58-33A-14 - Recommendations to purchase or exchange annuities subject to requirements.
Section 58-33A-15 - Exemptions from requirements.
Section 58-33A-16 - Annuity best interest standard.
Section 58-33A-16.1 - Recommendation--Producer responsibilities.
Section 58-33A-16.2 - Recommendation--Producer responsibilities--Applicability and intent.
Section 58-33A-16.3 - Considerations for annuity replacement or exchange.
Section 58-33A-16.4 - Recommendation--Sale of annuity--Informed consumer.
Section 58-33A-16.5 - Recommendation--Sale of annuity--Disclosure to consumer.
Section 58-33A-16.6 - Additional disclosure upon request.
Section 58-33A-16.7 - Disclosure of producer conflicts of interest required.
Section 58-33A-18 - Conditions resulting in no obligation to consumer.
Section 58-33A-19 - Reasonableness under circumstances known to insurer.
Section 58-33A-19.2 - Producer obligations--Documentation--Time of recommendation or sale.
Section 58-33A-19.3 - Issuance by insurer to be reasonable and address consumer needs.
Section 58-33A-20 - Insurer's system for supervising recommendations.
Section 58-33A-20.2 - Prohibited conduct by insurance producer.
Section 58-33A-25 - Compliance with comparable standards by financial professional.
Section 58-33A-25.2 - Annuity training course providers--Training requirements of other states.
Section 58-33A-25.3 - Insurer to verify producer has completed annuity training course.
Section 58-33A-25.4 - Authorized insurance business--Other licenses.
Section 58-33A-25.5 - Definition of terms--Compliance with Conduct Rules.
Section 58-33A-26 - Corrective action for violations.