South Dakota Codified Laws
Title 58 - Insurance
Chapter 15 - Life Insurance And Annuities

Section 58-15-4 - Standard provisions required in policy of life insurance, exceptions. - 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. - 58-15-5. Standard provisions inapplicable to annuity contract or health or...

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

Section 58-15-7 - Description of policy in title. - 58-15-7. Description of policy in title. There shall be a...

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

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

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

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

Section 58-15-10 - Incontestability provision required--Exceptions. - 58-15-10. Incontestability provision required--Exceptions. There shall be a provision that...

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

Section 58-15-12 - Payment of premiums provision. - 58-15-12. Payment of premiums provision. There shall be a provision...

Section 58-15-13 - Grace period in policy. - 58-15-13. Grace period in policy. There shall be a provision...

Section 58-15-14 - Automatic premium loan--Provision optional with insurer. - 58-15-14. Automatic premium loan--Provision optional with insurer. The policy, at...

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

Section 58-15-15.4 - Insurance policy loan--Definition of terms. - 58-15-15.4. Insurance policy loan--Definition of terms. For purposes of §§58-15-15.5...

Section 58-15-15.5 - "Published monthly average" defined. - 58-15-15.5. Published monthly average defined. For purposes of §§58-15-15.4 to...

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

Section 58-15-15.7 - Insurance policy loan--Allowable rate under adjustable maximum interest rate. - 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. - 58-15-15.8. Insurance policy loan--Determination of interest under adjustable maximum interest...

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

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

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

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

Section 58-15-15.13 - Private placement policy defined. - 58-15-15.13. Private placement policy defined. A private placement policy is...

Section 58-15-15.14 - Premium defined. - 58-15-15.14. Premium defined. Premium is the consideration for insurance by...

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

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

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

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

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

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

Section 58-15-22 - Reinstatement provisions required in policy. - 58-15-22. Reinstatement provisions required in policy. There shall be a...

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

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

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

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

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

Section 58-15-26.2 - Computation of interest. - 58-15-26.2. Computation of interest. Interest payable pursuant to §58-15-26.1 shall...

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

Section 58-15-26.4 - Notice to beneficiary of interest. - 58-15-26.4. Notice to beneficiary of interest. In any case in...

Section 58-15-26.5 - Application limited. - 58-15-26.5. Application limited. The provisions of §§58-15-26.1 to 58-15-26.5, inclusive,...

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

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

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

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

Section 58-15-31 - Nonforfeiture benefits in policies issued under standard nonforfeiture law. - 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. - 58-15-33. Cash surrender value--Amount available under policy on default of...

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

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

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

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

Section 58-15-38 - Adjusted premiums and present values--Computation. - 58-15-38. Adjusted premiums and present values--Computation. Except as otherwise provided...

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

Section 58-15-40 - Additional accident benefits--Premiums disregarded in ascertaining cash surrender value. - 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. - 58-15-41. Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity...

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

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

Section 58-15-43.1 - Adjusted premiums--Calculation on annual basis. - 58-15-43.1. Adjusted premiums--Calculation on annual basis. Sections 58-15-43.1 to 58-15-43.11,...

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

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

Section 58-15-43.4 - Recalculated future adjusted premiums. - 58-15-43.4. Recalculated future adjusted premiums. Except as otherwise provided in...

Section 58-15-43.5 - Additional expense allowance. - 58-15-43.5. Additional expense allowance. The additional expense allowance, at the...

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

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

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

Section 58-15-43.9 - Nonforfeiture interest rate. - 58-15-43.9. Nonforfeiture interest rate. The nonforfeiture interest rate is: (1)For...

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

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

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

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. - 58-15-43.13. Default in payment of premium--Amount of cash surrender value--Amount...

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

Section 58-15-45 - Excluding or restricting coverage in case of death--Permissible exclusions. - 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. - 58-15-46. Excluding or restricting coverage in case of death--Return of...

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

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

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

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

Section 58-15-51 - Limitation of action on policy--Minimum time. - 58-15-51. Limitation of action on policy--Minimum time. No policy of...

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

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

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

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

Section 58-15-57 - Annuity and endowment contracts--Standard provisions required, exceptions. - 58-15-57. Annuity and endowment contracts--Standard provisions required, exceptions. No annuity...

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

Section 58-15-59 - Annuities and endowments--Entire agreement contained in contract and application. - 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. - 58-15-59.1. Right of annuitant or purchaser to cancel after receipt...

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

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

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

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

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

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

Section 58-15-65 - Reversionary annuity contract--Standard provisions. - 58-15-65. Reversionary annuity contract--Standard provisions. Except as stated in §58-15-67,...

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

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

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

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

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

Section 58-15-71 - Life insurance policy--Restrictions on issuing and delivering. - 58-15-71. Life insurance policy--Restrictions on issuing and delivering. No life...

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

Section 58-15-83 - Plans excluded from application of §§ 58-15-83 to 58-15-93, inclusive. - 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. - 58-15-84. Provisions required in annuity contracts. In the case of...

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

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

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

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

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

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

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

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. - 58-15-92. Annuity and life insurance benefits in excess of greater...

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. - 58-15-93. Election to apply provisions of §§58-15-83 to 58-15-93 to...

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

Section 58-15-95 - Definition of terms regarding identification and location of beneficiaries. - 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. - 58-15-96. Comparison of policies, annuity contracts, and retained asset accounts...

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

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

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

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

Section 58-15-101 - Beneficiary search. - 58-15-101. Beneficiary search. If the insurer has not been contacted...

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

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

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

Section 58-15-105 - Request for information about beneficiaries. - 58-15-105. Request for information about beneficiaries. At no later than...

Section 58-15-106 - Compliance documentation. - 58-15-106. Compliance documentation. The insurer shall retain documentation of compliance...

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

Section 58-15-108 - Compliance with unclaimed property act. - 58-15-108. Compliance with unclaimed property act. Notwithstanding the provisions of...

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South Dakota Codified Laws Title 58 - Insurance Chapter 15 - Life Insurance And Annuities

South Dakota Codified Laws
Title 58 - Insurance
Chapter 15 - Life Insurance And Annuities