Title 58 — INSURANCE

A domestic life insurer, including for the purposes of this chapter all domestic fraternal beneficiary associations, societies or companies which operate on a legal reserve basis may establish one or more separate accounts, and may allocate thereto amounts, including without limi…

Except with the approval of the director and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for: (1) Benefits guaranteed as to dollar amount and duration and (2) Funds g…

Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in § 58-28-14 , amounts allocated to any separate account and accumulations thereon may be invested and reinvested: (1) In any class of investments which are authorized by chapter 58-…

The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account, without regard to other income, gains, or losses of the insurer. Source: SL 1966, ch 111 , ch 6, § 36 (3); SL 1967, ch 131 ; SDC…

Amounts allocated to a separate account in the exercise of the power granted by this chapter shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee with respect to such amounts. Source: SL 1966, ch 111 , ch 6, § 36 (6); § 36 (5) as amend…

If and to the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business th…

To the extent such insurer deems it necessary to comply with any applicable federal or state laws, such insurer, with respect to any separate account, including without limitation any separate account which is a management investment company or a unit investment trust, may provid…

No sale, exchange, or other transfer of assets may be made by an insurer between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to es…

Unless otherwise approved by the director, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then as provided under the terms of the contract or the rules or other written agreement a…

Notwithstanding § 58-28-21 , unless otherwise approved by the director, the portion, if any, of the assets of such separate account equal to the insurer's reserve liability with regard to the guaranteed benefits and funds referred to in § 58-28-14 shall be valued in accordance wi…

Any contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Source: SL 19…

Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to…

Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, …

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 …

No domestic life insurer and no other life insurer admitted to transact business in this state shall deliver or issue for delivery within this state variable contracts, unless the director is satisfied that its condition or method of operation in connection with the issuance of s…

In connection with § 58-28-25 , the director shall consider among other things: (1) The history and financial condition of the insurer; (2) The character, responsibility, and fitness of the officers and directors of the insurer; and (3) The law and regulation under which the insu…

If the insurer is a subsidiary of an admitted life insurer, or affiliated with such insurer through common management or ownership, it may be deemed by the director to have met the provisions of §§ 58-28-25 and 58-28-26 if either it or the parent or the affiliated insurer meets t…

Any individual variable life insurance or annuity contracts delivered or issued for delivery in this state shall contain grace, reinstatement, and nonforfeiture provisions appropriate to such a contract. Source: SL 1971, ch 266 , § 5; SL 1977, ch 412 , § 21.

The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. Source: SL 1971, ch 266 , § 5.

Except for §§ 58-15-13 , 58-15-14 , 58-15-15 , 58-15-17 , 58-15-18 , 58-15-19 , 58-15-21 , 58-15-22 , 58-15-29 , 58-15-31 , 58-15-32 , 58-15-33 , 58-15-34 , 58-15-35 , 58-15-36 , 58-15-38 , 58-15-39 , and 58-27-108 , as in the case of a variable life insurance policy, §§ 58-15-57…

The director has sole authority to regulate the issuance and sale of variable contracts and promulgate rules to carry out the purposes and provisions of this chapter. The Division of Insurance may, upon request by the director, review the underlying investments in securities of v…

Except if variable death benefits are used to pay premiums, the payment of variable death benefits in excess of any minimum death benefits, cash values, policy loans, or partial withdrawals, or the payment of variable death benefits in excess of any partial surrenders, may be def…

The director may promulgate rules pursuant to chapter 1-26 relating to variable life insurance policies. In promulgating the rules, the director shall give substantial consideration to the standards contained in the National Association of Insurance Commissioners (NAIC) Variable …