58-37A-16. Contractual benefits allowed.
A society may provide the following contractual benefits in any form:
(1)Death benefits;
(2)Endowment benefits;
(3)Annuity benefits;
(4)Temporary or permanent disability benefits;
(5)Hospital, medical, or nursing benefits;
(6)Monument or tombstone benefits to the memory of deceased members; and
(7)Any other benefits as authorized for life and health insurers and which are not inconsistent with this chapter.
A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult.
Source: SL 1990, ch 410, ยง16.
Structure South Dakota Codified Laws
Chapter 37A - Fraternal Benefit Societies
Section 58-37A-1 - Fraternal benefit society defined.
Section 58-37A-2 - Lodge system--Regular meetings--Lodges for children.
Section 58-37A-3 - Representative form of government determined.
Section 58-37A-4 - Definition of terms.
Section 58-37A-6 - Specification of laws or rules--Membership rights.
Section 58-37A-9 - Provisions of laws may not be waived.
Section 58-37A-11 - Amendments to society laws--Adoption--Filing--Printing as prima facie evidence.
Section 58-37A-12 - Nonprofit organization created by society.
Section 58-37A-13 - Reinsurance agreement--Ceding risks.
Section 58-37A-14 - Consolidation or merger.
Section 58-37A-15 - Conversion into life insurance company--Plan--Approval.
Section 58-37A-16 - Contractual benefits allowed.
Section 58-37A-17 - Beneficiary designations--Funeral benefits.
Section 58-37A-18 - Money or other benefits not attachable for individual debts.
Section 58-37A-19 - Benefit certificates.
Section 58-37A-20 - Basis for computing value of nonforfeiture benefits.
Section 58-37A-21 - Authorized investments.
Section 58-37A-23 - Exemption from other insurance laws.
Section 58-37A-24 - Exemption from certain taxes.
Section 58-37A-25 - Standards of valuation for certificates--Maintenance of excess reserves.
Section 58-37A-26 - Annual statement of affairs--Valuation of certificates--Filing requirements.
Section 58-37A-33 - Insurance producers--When license is required.