Title 58 — INSURANCE

Sections 58-15-14 to 58-15-19 , inclusive, shall not apply to term policies nor to term insurance benefits provided by rider or supplemental policy provisions, or to industrial life insurance policies. Source: SL 1966, ch 111 , ch 23, § 9.

There shall be a provision for nonforfeiture benefits and cash surrender value in accordance with the requirements of § 58-15-30 or §§ 58-15-31 to 58-15-43 , inclusive. Source: SL 1966, ch 111 , ch 23, § 10.

There shall be a provision that unless: (1) The policy has been surrendered for its cash surrender value, or (2) Its cash surrender value has been exhausted, or (3) The paid - up term insurance, if any, has expired, the policy will be reinstated at any time within three years, or…

There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in t…

Except as hereinafter provided, any dividend becoming payable shall at the option of the party entitled to elect such option be either: (1) Payable in cash, or (2) Applied to any one of such other dividend options as may be provided by the policy. If any such other dividend optio…

In participating industrial life insurance policies, in lieu of the provision required in §§ 58-15-23 and 58-15-24 , there shall be a provision that, beginning not later than the end of the fifth policy year, the policy shall participate annually in the divisible surplus, if any,…

There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant, or both. If an insurer shall spec…

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 § 58-15-26.1 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…

The provisions of § 58-15-26.1 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, …

In any case in which interest on the proceeds of, or payments under, any policy of life insurance becomes payable pursuant to § 58-15-26.1 , the insurer shall notify the named beneficiary or beneficiaries at their last known address that interest will be paid on the proceeds of o…

The provisions of §§ 58-15-26.1 to 58-15-26.5 , inclusive, shall apply only to deaths of insureds which occur on or after July 1, 1987. Source: SL 1987, ch 375 , § 5.

An industrial life insurance policy shall have the name of the beneficiary designated thereon with a reservation of the right to change the beneficiary after the issuance of the policy. The policy may also provide that no designation or change of beneficiary shall be binding on t…

An industrial life policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than thirty days after the d…

In case the policy provides that the proceeds may be payable in installments which are determinable at the time of issuance of the policy, there shall be a table showing the amounts of the guaranteed installments. Source: SL 1966, ch 111 , ch 23, § 11.

Personal representatives, conservators, and trustees may invest the funds of their trusts, in the absence of any provision pertaining to investments contained in the instrument under which they are acting, in insurance policies and annuities of life insurers authorized to do busi…

This section shall apply only to policies of life insurance issued prior to the operative date specified in §

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…

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…

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…

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…

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…

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…

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…

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…

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…

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-…

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 …

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, …

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 …

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…

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 …

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…

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 …

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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 …

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).

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,…