South Dakota Administrative Code

Rule 20:06:08:31 Repealed. 20:06:08:31. Notice requirements when replacement is proposed.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:32 Repealed. 20:06:08:32. Duties of existing insurer.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:33 Repealed. 20:06:08:33. Use of comparative information form and policy summary.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:34 Repealed. 20:06:08:34. Records to be maintained by existing insurer.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:35 Repealed. 20:06:08:35. Additional requirements.Repealed. Source: 8 SDR 52, effective January 1, 1982; 8 SDR 122, effective March 28, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:36 Repealed. 20:06:08:36. Penalty.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 12 SDR 151, 12 SDR 155, effective July 1, 1986.

Rule 20:06:08:37 Repealed. 20:06:08:37. Effective date.Repealed. Source: 8 SDR 52, effective January 1, 1982; repealed, 8 SDR 122, effective March 28, 1982.

Rule 20:06:08:38 Definitions. 20:06:08:38. Definitions. Terms used in this chapter mean: (1) "2001 CSO Mortality Table," that mortality table, consisting of separate rates of mortality for male and female lives, developed by the American Academy of Actuaries CSO Task Force from t…

Rule 20:06:08:39 Repealed. 20:06:08:39. Replacement notice required. Repealed. Source: 15 SDR 143, effective March 29, 1989; 16 SDR 208, effective June 3, 1990; 32 SDR 128, effective January 29, 2006; 39 SDR 55, effective October 4, 2012; repealed, 39 SDR 55, effective January 1,…

Rule 20:06:08:40 Repealed. 20:06:08:40. Exemptions. Repealed. Source: 15 SDR 143, effective March 29, 1989; 16 SDR 208, effective June 3, 1990; 30 SDR 89, effective December 9, 2003; 33 SDR 230, effective July 2, 2007; 34 SDR 200, effective January 28, 2008; 39 SDR 55, effective …

Rule 20:06:08:41 Repealed. 20:06:08:41. Contents of replacement notice. Repealed. Source: 15 SDR 143, effective March 29, 1989; 33 SDR 230, effective July 2, 2007; 39 SDR 55, effective October 4, 2012; repealed, 39 SDR 55, effective January 1, 2013.

Rule 20:06:08:42 Uniform forms for cash surrender, maximum policy loan, and 1035 exchange. 20:06:08:42. Uniform forms for cash surrender, maximum policy loan, and 1035 exchange. For the purposes of SDCL 58-15-82 the following are the uniform forms: (1) For a maximum policy loan, …

Rule 20:06:08:43 Permissible exclusions. 20:06:08:43. Permissible exclusions. A life insurance policy may exclude the following: (1) Foreign travel outside the North American continent if the policy specifically lists the countries for which benefits are excluded when traveling t…

Rule 20:06:08:43.01 Permissible exclusions for accidental death coverage. 20:06:08:43.01. Permissible exclusions for accidental death coverage. For policies or riders that limit coverage to accidental death, in addition to the exclusions listed in SDCL 58-15-45, the following may…

Rule 20:06:08:43.02 Permissible exclusions for accidental death and dismemberment policies issued as a supplemental benefit. 20:06:08:43.02. Permissible exclusions for accidental death and dismemberment policies issued as a supplemental benefit. An accidental death and dismemberm…

Rule 20:06:08:44 2001 CSO Mortality Table effective date. 20:06:08:44. 2001 CSO Mortality Table effective date. The 2001 CSO Mortality Table may be used as the minimum standard for policies issued after December 31, 2003, and shall be used in determining minimum standards for pol…

Rule 20:06:08:45 Conditions of use. 20:06:08:45. Conditions of use. The 2001 CSO Mortality Table shall be used in the following manner: (1) For each plan of insurance with separate rates for smokers and nonsmokers an insurer may use: (a) Composite mortality tables to determine mi…

Rule 20:06:08:46 Use of gender-blended tables. 20:06:08:46. Use of gender-blended tables. For any ordinary life insurance policy delivered or issued for delivery in South Dakota after December 31, 2003, that utilizes that same premium rates and charges for male and female lives o…

Rule 20:06:08:47 Exclusions or restrictions after life insurance policy or certificate issued. 20:06:08:47. Exclusions or restrictions after life insurance policy or certificate issued. Any exclusion or restriction on a life insurance policy or certificate, which is permitted by …

Rule 20:06:08:48 Exception to signed endorsement. 20:06:08:48. Exception to signed endorsement. An endorsement is not required to have the written consent of the policyholder as required by § 20:06:08:47 provided that the endorsement is required by law, or the endorsement does no…

Rule 20:06:08:49 Applicability of life and annuity replacement rules. 20:06:08:49. Applicability of life and annuity replacement rules. Unless otherwise specifically included, the provisions in §§ 20:06:08:49 to 20:06:08:65, inclusive, do not apply to transactions involving: (1) …

Rule 20:06:08:49.01 Prima facie intent of policyholder. 20:06:08:49.01. Prima facie intent of policyholder. For purposes of a regulatory review of an individual transaction only, if a withdrawal, surrender, or borrowing involving the policy values of an existing policy is used to…

Rule 20:06:08:50 Duties of producers. 20:06:08:50. Duties of producers. A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing poli…

Rule 20:06:08:51 Notice requirements. 20:06:08:51. Notice requirements. The notice required by § 20:06:08:50 must list all life insurance policies or annuities proposed to be replaced, properly identified by name of insurer, the insured or annuitant, and policy or contract number…

Rule 20:06:08:52 Producer sales materials. 20:06:08:52. Producer sales materials. In connection with a replacement transaction, the producer shall leave the original or a copy of sales material with the applicant at the time the application for a new policy or contract is complet…

Rule 20:06:08:53 Producer submission to insurers. 20:06:08:53. Producer submission to insurers. Except a provided in § 20:06:08:61, in connection with a replacement transaction the producer shall submit to the insurer to which an application for a policy or contract is presented,…

Rule 20:06:08:54 Insurer system of supervision and control. 20:06:08:54. Insurer system of supervision and control. Each insurer shall maintain a system of supervision and control to insure compliance with the requirements of §§ 20:06:08:49 to 20:06:08:65, inclusive, that shall i…

Rule 20:06:08:55 Insurer record keeping requirements. 20:06:08:55. Insurer record keeping requirements. Each insurer must have the capacity to monitor each producer's life insurance policy and annuity contract replacements for that insurer, and must produce, upon request, and mak…

Rule 20:06:08:56 Signed statement requirements. 20:06:08:56. Signed statement requirements. Each insurer shall require with or as a part of each application for life insurance or an annuity a signed statement by both the applicant and the producer as to whether the applicant has …

Rule 20:06:08:57 Required documents. 20:06:08:57. Required documents. When the applicant has existing policies or contracts, each insurer shall produce on request copies of any sales material required by § 20:06:08:53, the basic illustration and any supplemental illustrations rel…

Rule 20:06:08:58 Insurer notifications. 20:06:08:58. Insurer notifications. If an application does not meet the requirements of §§ 20:06:08:49 to 20:06:08:65, inclusive, the insurer must notify the producer and applicant and fulfill the outstanding requirements. Source: 39 SDR 55…

Rule 20:06:08:59 Record format. 20:06:08:59. Record format. Each insurer shall maintain records in paper, photograph, microprocess, magnetic, mechanical or electronic media, or by any process that accurately reproduces the actual document. Source: 39 SDR 55, effective October 4, …

Rule 20:06:08:60 Duties of replacing insurers using producers. 20:06:08:60. Duties of replacing insurers using producers. Where a replacement is involved in the transaction, the replacing insurer shall: (1) Verify the required forms are received and are in compliance with §§ 20:0…

Rule 20:06:08:61 Duties of replacing insurer using producers when company approved sales material required. 20:06:08:61. Duties of replacing insurer using producers when company approved sales material required. If an insurer prohibits the use of sales material other than that ap…

Rule 20:06:08:62 Duties of existing insurer. 20:06:08:62. Duties of existing insurer. Where a replacement is involved in the transaction, the existing insurer shall: (1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at lea…

Rule 20:06:08:63 Requirements for direct response solicitation. 20:06:08:63. Requirements for direct response solicitation. In the case of an application that is initiated as a result of a direct response solicitation, the insurer shall require, with or as part of each completed …

Rule 20:06:08:64 Compliance. 20:06:08:64. Compliance. The following constitute impermissible standards of conduct pursuant to SDCL 58-33A-2 and do not comply with the provisions of this chapter: (1) Any deceptive or misleading information set forth in sales material; (2) Failing …

Rule 20:06:08:65 Effective date. 20:06:08:65. Effective date. The effective date of §§ 20:06:08:49 to 20:06:08:65 is January 1, 2013. §§ 20:06:08:39, 20:06:08:40, and 20:06:08:41 are effective through December 31, 2012. Source: 39 SDR 55, effective October 4, 2012. General Author…

Rule 20:06:09:01 Repealed. 20:06:09:01. Definitions.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:02 Repealed. 20:06:09:02. Acquisition of domestic insurers.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:03 Repealed. 20:06:09:03. Exemptions.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:04 Repealed. 20:06:09:04. Amendments to registration statements.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:05 Repealed. 20:06:09:05. Alternative and consolidated registrations.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:06 Repealed. 20:06:09:06. Exemptions to registration requirements.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:07 Repealed. 20:06:09:07. Disclaimers and termination of registration.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:08 Repealed. 20:06:09:08. Extraordinary dividends and other distributions.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.

Rule 20:06:09:09 Repealed. 20:06:09:09. Limitation on extraordinary dividends.Repealed. Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; repealed, 20 SDR 36, effective September 19, 1993.