Title 58 — INSURANCE

No policy of group life insurance shall be delivered in this state unless it conforms to one of the descriptions in §§ 58-16-2 , 58-16-7 , 58-16-12 , 58-16-23 , and

A policy issued under § 58-16-7 must cover at least twenty - five members at date of issue. Source: SL 1966, ch 111 , ch 24, § 1 (3) (c).

The premium for a policy issued under § 58-16-7 shall be paid by the policyholder, either wholly from the union's funds, or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued on which the entir…

A policy of group life insurance may be issued to the trustees of a fund established by two or more employers in the same industry, or in related industries, or by one or more labor unions, or by one or more employers and one or more labor unions, which trustees shall be deemed t…

For purposes of this chapter industry shall include, but not be limited to, the following classes, and individuals employed in one or more of such classes may establish a fund: (1) Agriculture; (2) Commerce; (3) Construction; (4) Manufacturing; (5) Retail; (6) Service; (7) Transp…

No policy may be issued under § 58-16-12 to insure employees of any employer whose eligibility to participate in the fund as an employer arises out of considerations directly related to the employer being a commercial correspondent or business client or patron of another employer…

The persons eligible for insurance under § 58-16-12 shall be all of the employees of the employers or all of the members of the unions, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the unions, or to both. The …

58-16-16 Industry fund groups--Minimum number of persons required to be insured. 58-16-17 Industry fund groups--Payment of premium. 58-16-18 Insurance of employees or members of group against death of dependents. 58-16-19 Payment of premium on extended group coverage. 58-16-20 Am…

A policy issued under § 58-16-12 must cover at date of issue at least one hundred persons; and it must cover an average of not less than three persons per employer unit unless the policy is issued to the trustees of a fund established by employers which have assumed obligations t…

The premium for a policy issued under § 58-16-12 shall be paid by the trustees wholly from funds contributed by the employer or employers of the insured persons, or by the union or unions, or by both, or partly from such funds and partly from funds contributed by the insured pers…

Any group life policy issued under §§ 58-16-2 to 58-16-17 , inclusive, may be extended to insure the employees or members against loss due to the death of their spouses and minor children, or any class or classes thereof, subject to the requirements of §§ 58-16-19 to 58-16-22 , i…

The premium for insurance under § 58-16-18 shall be paid by the policyholder, either from the employer's or union's funds or funds contributed by the employer or union, or from funds contributed by the insured employees or members, or from both. If any part of the premium is to b…

A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to …

The amount of insurance under § 58-16-18 is based upon some plan precluding individual selection either by the employees or members or by the policyholder, employee or union. Source: SL 1966, ch 111 , ch 24, § 2(2); SL 1983, ch 374 , § 2.

Upon termination of insurance under § 58-16-18 with respect to the members of the family of any employee or member by reason of the employee's or member's termination of employment, termination of membership in the class or classes eligible for coverage under the policy, or death…

Notwithstanding § 58-16-38 , only one certificate need be issued for delivery to an insured person if a statement concerning any dependent's coverage is included in such certificate. Source: SL 1966, ch 111 , ch 24, § 2 (4).

A policy of group life insurance may be issued to a creditor, who shall be deemed the policyholder, to insure debtors of the creditor, subject to the requirements of §§ 58-16-24 to 58-16-29 , inclusive. Source: SL 1966, ch 111 , ch 24, § 1 (2).

The debtors eligible for insurance under a policy issued under § 58-16-23 shall be all of the debtors of the creditor whose indebtedness is repayable either in installments or in one sum at the end of a period not in excess of eighteen months from the initial date of debt, or all…

A policy may be issued under § 58-16-23 only if the group of eligible debtors is then receiving new entrants at the rate of at least one hundred persons yearly, or may reasonably be expected to receive at least one hundred new entrants during the first policy year, and only if th…

The premium for a policy issued under § 58-16-23 shall be paid by the policyholder, either from the creditor's funds, or from charges collected from the insured debtors, or from both. A policy on which part or all of the premium is to be derived from the collection from the insur…

The amount of insurance under § 58-16-23 on the life of any debtor may at no time exceed the amount owed by him to the creditor. Source: SL 1966, ch 111 , ch 24, § 1 (2)(f); SL 1969, ch 138 ; SL 1987, ch 376 .

The amount of insurance under § 58-16-23 on the life of any debtor shall at no time exceed the amount owed by him which is repayable in installments to the creditor. Where the indebtedness is repayable in one sum to the creditor, the insurance on the life of any debtor shall in n…

The insurance under § 58-16-23 shall be payable to the policyholder. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment. Source: SL 1966, ch 111 , ch 24, § 1 (2) (e).

The employees eligible for insurance under a policy issued under § 58-16-2 shall be all of the employees of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include…

Group life insurance may be issued, under a policy, to any person or organization to which a policy of group health insurance may be issued or delivered in this state to insure any class or classes of individuals that could be insured under such group health policy. Source: SL 20…

A policy of group life insurance may be issued to an association, which has been in existence for one or more years, and which has a constitution and bylaws, and which was not formed for the exclusive purpose of procuring insurance, insuring at least one hundred members of the as…

No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions set forth in §§ 58-16-32 to 58-16-42 , inclusive, or provisions which in the opinion of the director are more favorable to the persons insured, or at least as favorab…

A policy of group life insurance shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be deemed representations and not warra…

A policy of group life insurance shall contain a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to b…

A policy of group life insurance shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part…

A policy of group life insurance shall contain a provision that the validity of the policy may not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy r…

A policy of group life insurance shall contain a provision that the policyholder is entitled to a grace period of thirty - one days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policy…

A policy of group life insurance issued to a creditor to insure debtors of such creditor shall contain a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a form which will contain a statement that the life of the deb…

Except as provided in § 58-16-31 , a policy of group life insurance shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which he is enti…

Nothing in this chapter or in any other law shall be construed to prohibit a person whose life is insured under any policy of group life insurance from making an assignment of all or any part of his rights and privileges under such policy including specifically, but not by way of…

Except as provided in § 58-16-31 , a policy of group life insurance shall contain a provision that if the insurance, or any portion of it, on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for covera…

Supplemental life coverage may be purchased at the employee's option subject to the underwriting criteria of the insurer. Source: SL 1966, ch 111 , ch 24, § 1 (1) (d); SL 1998, ch 288 , § 1; SL 2008, ch 262 , § 1. 58-16-5. Repealed by SL 1998, ch 288 , § 2

Except as provided in § 58-16-31 , a group life insurance policy shall contain a provision that if the group policy terminates or is amended to terminate the insurance of any class of insured persons, any person insured at the termination date whose insurance terminates and who h…

Except as provided in § 58-16-31 , a policy of group life insurance shall contain a provision that if a person insured under the group policy dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with § 58-16-39 o…

Except as provided in § 58-16-31 , a policy of group life insurance shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in th…

The provisions of this chapter shall not apply to any contracts or policies entered into or issued prior to February 8, 1966, nor to any extensions, renewals, or modifications thereof or amendments thereto whenever made. Source: SL 1966, ch 111 , ch 24, § 4.

Any insurer admitted to transact life insurance in this state shall pay interest on proceeds of, or payments under, any individual or group policy of life insurance which are payable to any beneficiary under a policy issued for delivery in this state. Source: SL 1987, ch 375 , § …

Interest payable pursuant to § 58-16-44 shall be computed from the date of death of the insured until the date of payment and shall be at the rate of four percent per annum or not less than the current rate of interest on death proceeds left on deposit with the insurer under an i…

The provisions of § 58-16-44 do not require the payment of interest in any case in which the beneficiary elects in writing delivered to the insurer to receive the proceeds of or payments under a life insurance policy by any means other than a lump sum payment. Source: SL 1987, ch…

In any case in which interest on the proceeds of, or payments under, any policy of life insurance becomes payable pursuant to § 58-16-44 , the insurer shall notify the named beneficiary or beneficiaries at their last known address that interest will be paid on the proceeds of or …

The provisions of §§ 58-16-44 to 58-16-48 , inclusive, shall apply only to deaths of insureds which occur on or after July 1, 1987. Source: SL 1987, ch 375 , § 5.

Terms used in §§ 58-16-49 to 58-16-54 , inclusive, mean: (1) "Carrier," a person or an entity that offers or provides a policy, contract, or certificate of group life insurance coverage in this state. Carrier includes an insurer, or any other person or entity providing a policy, …

58-16-7 Labor union group insurance permitted. 58-16-8 Labor union groups--Members of union eligible. 58-16-9 Labor union groups--Amounts based upon plan precluding individual selection. 58-16-10 Labor union groups--Minimum number of members required. 58-16-11 Labor union group--…

Application of §§ 58-16-49 to

If a policy or contract subject to the provisions of §§ 58-16-49 to 58-16-54 , inclusive, provides for automatic discontinuance of the policy or contract after a premium or subscription charge has remained unpaid through the grace period allowed for such payment, the carrier is l…