Title 58 — INSURANCE
79 chapters · 3,532 sections in this title.
SDCL § 58-15-31 Nonforfeiture benefits in policies issued under standard nonforfeiture law
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In the case of policies issued on or after the operative date of §§ 58-15-31 to 58-15-43 , inclusive, as defined in § 58-15-42 , no policy of life insurance, except as stated in § 58-15-41 , may be delivered or issued for delivery in this state unless it contains in substance the…
SDCL § 58-15-32 Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies
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Any of the provisions or portions thereof set forth in § 58-15-31 which are not applicable by reason of the plan of insurance may, to the extent inapplicable, be omitted from the policy. Except for a private placement policy, the insurer shall reserve the right to defer the payme…
SDCL § 58-15-33 Cash surrender value--Amount available under policy on default of premium--Paid - up policy
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Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 58-15-31 shall be an amount not less than the excess, if any, of the present value on such anniversary, of the future guara…
SDCL § 58-15-34 SDCL 58-15-34
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In the case of all other policies, a statement of the mortality table and interest rate used in calculating the cash surrender values and the paid - up nonforfeiture benefits available under the policy, together with a table showing the cash surrender value, if any, and paid - up…
SDCL § 58-15-35 Adjustment of premiums under nonforfeiture provisions
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Except as provided in § 58-15-37 , the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding any extra premiums charged because of impairments…
SDCL § 58-15-36 Amount of insurance varying with duration of policy--Adjustment of premiums
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In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of §§ 58-15-35 to 58-15-38 , inclusive, shall be deemed to be the uniform amount of insurance provided by an otherwise similar polic…
SDCL § 58-15-37 Adjusted premiums--Term insurance benefits provided by rider or supplemental policy
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The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provision shall be equal to: (1) The adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased during the period f…
SDCL § 58-15-38 Adjusted premiums and present values--Computation
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Except as otherwise provided in §§ 58-15-43.1 to 58-15-43.11 , inclusive, all adjusted premiums and present values referred to in §§ 58-15-31 to 58-15-43 , inclusive, shall for all policies of ordinary insurance be calculated on the basis of the commissioner's 1958 standard ordin…
SDCL § 58-15-39 Default in payment of premium--Computation of cash surrender value and paid - up nonforfeiture benefit
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Any cash surrender value and any paid - up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional p…
SDCL § 58-15-4 Standard provisions required in policy of life insurance, exceptions
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No policy of life insurance, other than group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by §§ 58-15-7 to 58-…
SDCL § 58-15-40 Additional accident benefits--Premiums disregarded in ascertaining cash surrender value
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Notwithstanding the provisions of § 58-15-33 , additional benefits payable in the event of death or dismemberment by accident or accidental means, in the event of total and permanent disability, as reversionary annuity or deferred reversionary annuity benefits, as term insurance …
SDCL § 58-15-41 Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity contracts, or term insurance
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The provisions of §§ 58-15-31 to 58-15-43 , inclusive, do not apply to any reinsurance; group insurance; pure endowment; annuity or reversionary annuity contract; term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, …
SDCL § 58-15-42 SDCL 58-15-42
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The policy shall stipulate that it may be surrendered to the insurer at its home office within one month from date of default for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as aforesaid and may stipulate that …
SDCL § 58-15-43 Citation of standard nonforfeiture law for life insurance
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Sections 58-15-31 to 58-15-43 , inclusive, shall be known as the standard nonforfeiture law for life insurance. For purposes of §§ 58-15-31 to 58-15-43 , the operative date of the valuation manual is January first of the first calendar year that the valuation manual, as defined i…
SDCL § 58-15-43.1 Adjusted premiums--Calculation on annual basis
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Sections 58-15-43.1 to 58-15-43.11 , inclusive, apply to all policies issued on or after July 1, 1982. Except as provided in § 58-15-43.7 , the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums …
SDCL § 58-15-43.10 Refiling of nonforfeiture values or methods of computation
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Notwithstanding any other provision in this code to the contrary, any refiling of nonforfeiture values or their methods of computation for any previously approved policy form which involves only a change in the interest rate or mortality table used to compute nonforfeiture values…
SDCL § 58-15-43.11 Notice of election to comply with revised nonforfeiture
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After July 1, 1982, any insurer may file with the director of the Division of Insurance a written notice of its election to comply with the provisions of §§ 58-15-43.1 to 58-15-43.11 , inclusive, after a specified date before January 1, 1989, which shall be the effective date of …
SDCL § 58-15-43.12 Insurance plans to conform to minimum standards of nonforfeiture laws
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In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum va…
SDCL § 58-15-43.13 Default in payment of premium--Amount of cash surrender value--Amount of nonforfeiture factor--Policies issued after January 1, 1986
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This section, in addition to all other applicable sections of this chapter, applies to all policies issued on or after January 1, 1986. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary shall be in an am…
SDCL § 58-15-43.2 Nonforfeiture net level premium determined
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The nonforfeiture net level premium is equal to the present value, at the date of issue of the policy, of the guaranteed benefits provided for by the policy divided by the present value, at the date of issue of the policy, of an annuity of one per annum payable on the date of iss…
SDCL § 58-15-43.3 Initial calculation of changes in benefits or premiums--Recalculation after change
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In the case of a policy which causes, on a basis guaranteed in the policy, unscheduled changes in benefits or premiums, or which provides an option for changes in benefits or premiums other than a change to a new policy, the adjusted premiums and present values shall initially be…
SDCL § 58-15-43.4 Recalculated future adjusted premiums
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Except as otherwise provided in § 58-15-43.7 , the recalculated future adjusted premiums for any such policy shall be such uniform percentage of the respective future premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impai…
SDCL § 58-15-43.5 Additional expense allowance
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The additional expense allowance, at the time of the change to the newly defined benefits or premiums, is the sum of one percent of the excess, if positive, of the average amount of insurance at the beginning of each of the first ten policy years subsequent to the change, over th…
SDCL § 58-15-43.6 Recalculated nonforfeiture net level premium
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The recalculated nonforfeiture net level premium is equal to the result obtained by dividing (A) by (B) if (A) equals the sum of the nonforfeiture net level premium applicable prior to the change times the present value of an annuity of one per annum payable on each anniversary o…
SDCL § 58-15-43.7 Substandard policy--Calculation of adjusted premiums and present value
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Notwithstanding any other provisions of §§ 58-15-43.1 to 58-15-43.11 , inclusive, to the contrary, in the case of a policy issued on a substandard basis which provides reduced graded amounts of insurance so that, in each policy year, the policy has the same tabular mortality cost…
SDCL § 58-15-43.8 Adjusted premiums and present values--Calculation--Applicable procedures and tables
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All adjusted premiums and present values referred to in §§ 58-15-31 to 58-15-43 , inclusive, are calculated for all policies of ordinary insurance on the basis of the commissioner's 1980 standard ordinary mortality table or, at the election of the insurer, for any one or more spe…
SDCL § 58-15-43.9 Nonforfeiture interest rate
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The nonforfeiture interest rate is: (1) For policies issued prior to the operative date of the valuation manual, the nonforfeiture interest rate per annum for any policy issued in a particular calendar year is equal to one hundred twenty-five percent of the calendar year statutor…
SDCL § 58-15-44 Dating back of application for insurance to reduce premium prohibited--Contract not invalidated
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No insurer may knowingly deliver or issue for delivery in this state any life insurance policy that purports to be issued or to take effect as of a date more than six months before the application therefor was made, if thereby the premium on the policy is reduced below the premiu…
SDCL § 58-15-45 Excluding or restricting coverage in case of death--Permissible exclusions
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No policy of life insurance may be delivered or issued for delivery in this state if it contains any provision which excludes or restricts liability for death caused in a certain specified manner or occurring while the insured has a specified status. However, a policy may contain…
SDCL § 58-15-46 Excluding or restricting coverage in case of death--Return of premiums, adjustment for indebtedness and dividend credits
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A policy which contains any exclusion or restriction pursuant to § 58-15-45 shall also provide that in the event of death under the circumstances to which any such exclusion or restriction is applicable, the insurer will return all premiums received under the policy with adjustme…
SDCL § 58-15-47 Prohibited policy provisions--Person soliciting insurance or annuity insurance producer of insured
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No policy of life insurance may be delivered or issued for delivery in this state if it contains any provision to the effect that the insurance producer soliciting the insurance or annuity is the insurance producer of the person covered under such contract, or making the acts or …
SDCL § 58-15-48 Prohibited policy provisions--Construction of contract according to laws of other state or country
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No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision that the contract is to be construed according to the laws of any other state or country. Source: SL 1966, ch 111 , ch 23, § 26 (1) (c).
SDCL § 58-15-49 Prohibited policy provisions--Rights and obligations of insured under contract governed by law of other state
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No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision that the rights and obligations of the insured or any person claiming under such contract are to be governed by any other than the laws of this state. Source: SL 1966,…
SDCL § 58-15-5 Standard provisions inapplicable to annuity contract or health or accident benefits
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Section 58-15-4 shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to health benefits or to additional benefits in the event of death by accident or accidental means. Source: SL 1966, ch 111 , ch 23, § …
SDCL § 58-15-50 Prohibited policy provisions--Depriving courts of jurisdiction of action against insurer
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No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision depriving the courts of this state of the jurisdiction of any action at law or in equity against the insurer. Source: SL 1966, ch 111 , ch 23, § 26 (1) (e).
SDCL § 58-15-51 Limitation of action on policy--Minimum time
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No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision limiting the time within which an action at law or in equity may be commenced on such a policy to less than six years after the cause of action shall accrue. Source: S…
SDCL § 58-15-52 Prohibited policy provisions inapplicable to group life insurance, health insurance, reinsurance, annuities, and accident benefits under life insurance policy
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The provisions of §§ 58-15-45 to 58-15-51 , inclusive, do not apply to health insurance, reinsurance, or annuities. The provisions of §§ 58-15-46 to 58-15-51 , inclusive, do not apply to group life or to any provision in a life insurance policy or contract supplemental thereto re…
SDCL § 58-15-53 Use of prohibited policy provision which is more favorable to insured
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Nothing contained in §§ 58-15-45 to 58-15-51 , inclusive, shall prohibit any provision which in the opinion of the director is more favorable to the policyholder than a provision permitted by said sections. Source: SL 1966, ch 111 , ch 23, § 26 (4).
SDCL § 58-15-54 Prohibited policy provisions in industrial life insurance--Denial of liability because of other insurance
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No policy of industrial life insurance shall contain any provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer. Source: SL 1966, ch 111 , ch 23, § 27 (1).
SDCL § 58-15-55 Prohibited policy provisions in industrial life insurance--Right to declare policy void because of disease or ailment of insured
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No policy of industrial life insurance shall contain any provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical, or surgic…
SDCL § 58-15-56 Prohibited policy provisions in industrial life insurance--Right to declare policy void because insured rejected for insurance
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No policy of industrial life insurance shall contain any provision giving the insurer the right to declare the policy void because the insured has been rejected for insurance, unless such right be conditioned upon a showing by the insurer that knowledge of such rejection would ha…
SDCL § 58-15-57 Annuity and endowment contracts--Standard provisions required, exceptions
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No annuity or pure endowment contract, other than reversionary, survivorship, or group annuities and except as stated herein or in § 58-15-58 , shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 58-15-59 …
SDCL § 58-15-58 Standard provisions of annuity and endowment contracts inapplicable to deferred annuities under life insurance policies
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Section 58-15-57 shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies. Source: SL 1966, ch 111 , ch 23, § 18 (2).
SDCL § 58-15-59 Annuities and endowments--Entire agreement contained in contract and application
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract…
SDCL § 58-15-59.1 Right of annuitant or purchaser to cancel after receipt of contract--Effect of cancellation
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Every individual annuity contract, excluding variable annuity contracts, issued for delivery in South Dakota on or after July 1, 1978, by an insurance company or fraternal benefit society, shall have printed on or attached to the annuity contract, a notice stating in substance th…
SDCL § 58-15-59.2 Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention
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An insurance company or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods: (1) If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner …
SDCL § 58-15-6 Standard provisions inapplicable to single premium or term policies
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Any provisions or portions of §§ 58-15-7 to 58-15-29 , inclusive, not applicable to single premium or term policies shall to that extent not be incorporated therein. Source: SL 1966, ch 111 , ch 23, § 3 (2).
SDCL § 58-15-60 Effect of misstatement of age or sex in annuity or endowment contract
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person upon whose life the contract is made, or if any of them has been misstated, the amount payable or benefits accruing…
SDCL § 58-15-61 Incontestability provision in annuity or endowment contract
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If any statements, other than those relating to age, sex, and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to § 58-15-60 , there shall be a provision that the contract…
SDCL § 58-15-62 Grace period in annuity or endowment contract
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of not less than thirty days, within which any stipulated payment to the insurer falling due after the first payme…