Title 58, INSURANCE

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…

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…

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…

If an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. Source: SL 1966, ch 111 , ch 23,…

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender…

Except as stated in § 58-15-67 , no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 58-15-59 to 58-15-63 , inclusive, except that under § 58-15-62 the insurer may at…

Except as stated in § 58-15-67 , no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance a provision that the contract may be reinstated at any time within three years from the date of default in making stipul…

Sections 58-15-65 and 58-15-66 shall not apply to group annuities or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein. Source: SL 1966, ch 111 , ch 23, § 25 (2)…

A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with resp…

When any life insurance policy or annuity contract is reinstated, such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued and such e…

There shall be a title on the policy, briefly describing the same. Source: SL 1966, ch 111 , ch 23, § 16.

Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other …

No life insurer shall hereafter deliver in this state as a part of or in combination with any insurance, endowment, or annuity contract, any agreement or plan, additional to the rights, dividends, and benefits arising out of any such insurance, endowment, or annuity contract: (1)…

There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in such an appl…

Every individual life insurance policy issued for delivery in South Dakota on or after July 1, 1982, by an insurance company or fraternal benefit society, shall have a notice printed on or attached to the face page of the policy, stating in substance that the person issued the po…

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 …

If a policyholder has made a request to cash surrender, to obtain maximum policy loans, or to make an Internal Revenue Code Section 1035 exchange under a life insurance or an annuity policy, the insurer shall forward to the policyholder or the policyholder's insurance producer, w…

Sections 58-15-83 to 58-15-93 , inclusive, do not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, o…

In the case of contracts issued on or after July 1, 2004, no contract of annuity, except as stated in § 58-15-83 , may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of t…

The minimum values as specified in §§ 58-15-86 to 58-15-89 , inclusive, and 58-15-91 of any paid - up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section: (1) The minimum nonfo…

Any paid - up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Present value shall be computed using the mortality table, if any, and th…

For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity may not be less than the present value as of the date of surrender of that portion of the maturity value of the paid - up annuity benefit that would be provided under the c…

For contracts that do not provide cash surrender benefits, the present value of any paid - up annuity benefit available as a nonforfeiture option at any time prior to maturity may not be less than the present value of that portion of the maturity value of the paid - up annuity be…

For the purpose of determining the benefits calculated under §§ 58-15-87 and 58-15-88 , in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for w…

There shall be a provision that if the age of the insured, or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the cor…

A contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are n…

Any paid - up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations …

For a contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum n…

After July 1, 2004, a company may elect to apply its provisions to annuity contracts on a contract form - by - contract form basis before the second anniversary of the effective date of §§ 58-15-83 to 58-15-93 , inclusive. In all other instances, §§ 58-15-83 to 58-15-93 , inclusi…

The requirements of §§ 58-15-94 to 58-15-108 , inclusive, apply to any in-force and future policy, annuity contract, and retained asset account as of July 1, 2018. Sections 58-15-94 to 58-15-108 , inclusive, do not apply to a policy, annuity contract, or retained asset account of…

Terms used in §§ 58-15-94 to 58-15-108 , inclusive, mean: (1) "Beneficiary," any party entitled to receive the proceeds from a policy, an annuity contract, or a retained asset account; (2) "Beneficiary search," reasonable and good faith efforts, that an insurer documents, to iden…

As of January 1, 2019, an insurer shall have compared all in-force policies, annuity contracts, and retained asset accounts at the time of enactment against the full DMF to identify potential matches of its insureds. Source: SL 2018, ch 280 , § 3.

An insurer shall compare all in-force policies, annuity contracts, and retained asset accounts and policies that lapse in its records against any updates to the DMF on at least a semi-annual basis to identify potential matches of its insureds. Source: SL 2018, ch 280 , § 4.

Each insurer shall implement reasonable procedures to do the searches required in §§ 58-15-96 and 58-15-97 that account for: (1) Common nicknames, initials used in lieu of a first or middle name, use of a middle name, compound first and middle names, and interchanged first and mi…

The director may exempt an insurer from the DMF comparisons required under §§ 58-15-94 to 58-15-108 , inclusive, if the insurer demonstrates to the director's satisfaction that compliance would result in financial hardship to the insurer. In making the determination the director …

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 58-16-30 . Source: SL 1966, ch 111 , ch 24, § 1.

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 …

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…