reglab/housing_qa huggingface dataset:
SD Codified L § 58-33A-6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-6 - Format and content of outline of coverage--"Format" defined--Outline of coverage requirements.

58-33A-6. Format and content of outline of coverage--"Format" defined--Outline of coverage requirements.The director shall prescribe the general format and content of the outline of coverage required by §58-33A-5. The term, format, means style, arrangement, and overall appearance, including such items as the size, color, prominence of type, and the arrangement of text and captions. The term, outline of coverage, includes:(1)A statement identifying the applicable category or categories of coverage provided by the policy or contract as prescribed by the director;(2)A description of the principal benefits and coverage provided in the policy or contract;(3)A statement of the exceptions, reductions, and limitations contained in the policy or contract;(4)A statement of the renewal provisions including any reservation by the insurer of nonprofit hospital, medical, or dental service association of a right to change premiums; and(5)A statement that the outline is a summary of the policy or contract issued or applied for and that the policy or contract should be consulted to determine governing contractual provisions.Nothing in this section prohibits an insurer from incorporating an outline of coverage into other solicitation and policy information documents if the required information is contained in the documents. Source: SL 1999, ch 240, §6.
SD Codified L § 58-33A-7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-7 - Director authorized to promulgate rules--Scope of rules.

58-33A-7. Director authorized to promulgate rules--Scope of rules.The director may promulgate rules pursuant to chapter 1-26 to establish specific standards consistent with §58-33A-2. The rules may include standards of full and fair disclosure, that set forth the manner, content, and required disclosure. Except for conversion policies issued pursuant to a contractual conversion privilege under a group, the rules may apply to the sale of individual and group health insurance subject to this chapter and shall be in addition to and in accordance with applicable laws of this state. The rules may include:(1)Terms of renewability;(2)Initial and subsequent conditions of eligibility;(3)Nonduplication of coverage provisions;(4)Coverage of dependents;(5)Preexisting conditions;(6)Termination of insurance;(7)Probationary periods;(8)Limitations, exceptions, and reductions;(9)Elimination periods;(10)Requirements for replacement;(11)Recurrent conditions;(12)Prohibitions on the use of terms, information, phrases, or implied affiliations in advertising;(13)Prominence, form, and style of any advertisement;(14)Information to be disclosed on advertising or solicitation materials;(15)Use of testimonials;(16)Special offers or enrollment periods;(17)Coverage comparisons;(18)Identification of insurers, representatives of the insurers and insurance producers;(19)Prearrangements or preneed funeral contracts; and(20)The definition of terms including the following: hospital, accident, sickness, injury, physician, accidental means, total disability, partial disability, nervous disorder, guaranteed renewable and noncancellable. Source: SL 1999, ch 240, §7; SL 2000, ch 251, §6; SL 2001, ch 286, §215.
SD Codified L § 58-33A-8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-8 - Required disclosures to be clear and conspicuous.

58-33A-8. Required disclosures to be clear and conspicuous.Any information required to be disclosed by rules promulgated pursuant to this chapter shall be set out conspicuously and in close conjunction with the statements to which the information relates or under appropriate captions of such prominence that it does not minimize, render obscure, present in an ambiguous fashion, or intermingle with the context of the advertisement so as to be confusing or misleading. Source: SL 1999, ch 240, §8; SL 2000, ch 251, §7.
SD Codified L § 58-33A-8.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-8.1 - Disclosure of usual, customary, and reasonable limitation provision required.

58-33A-8.1. Disclosure of usual, customary, and reasonable limitation provision required.Any insurer that is subject to §58-33A-1 offering to provide health benefits in this state through a policy, contract, or certificate that contains a provision limiting coverage to usual, customary, or reasonable charges shall provide prominent disclosure that the policy, certificate, or contract contains a usual, customary, and reasonable limitation and that this limitation may cause the insured to incur additional out-of-pocket expenses. An insurer may comply with this section by including the required disclosure in an outline of coverage. Source: SL 2000, ch 251, §1.
SD Codified L § 58-33A-9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-9 - Buyer's guide and policy summary to be provided to all prospective life insurance purchasers--Illustration in lieu of policy summary--Director authorized to promulgate rules.

58-33A-9. Buyer's guide and policy summary to be provided to all prospective life insurance purchasers--Illustration in lieu of policy summary--Director authorized to promulgate rules.Prior to accepting the applicant's initial premium or premium deposit, the insurer shall provide, to all prospective life insurance purchasers, a buyer's guide, and a policy summary. However, in lieu of a policy summary, an insurer may provide an illustration which complies with applicable rules concerning life insurance illustrations. Insurers may deliver the buyer's guide and policy summary or illustration at other times as specified by the director by rule. The director may also promulgate rules pursuant to chapter 1-26 specifying the type of policy summary required, the form and content of policy summaries, the specific buyer's guide to be used, and if the buyer's guide must be provided. Source: SL 1999, ch 240, §9.
SD Codified L § 58-33A-10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-10 - Advertisements not to be deceptive or misleading--Standard to be used in determination.

58-33A-10. Advertisements not to be deceptive or misleading--Standard to be used in determination.Any advertisements shall be truthful and not materially misleading in fact or by implication. The form and content of an advertisement of a policy shall be sufficiently complete and clear so as to avoid deception. No advertisement may have the capacity and tendency to materially mislead or deceive. In determining whether an advertisement has the capacity and tendency to materially mislead or deceive, the director shall make the determination from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed. Source: SL 1999, ch 240, §10.
SD Codified L § 58-33A-11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-11 - Insurer to maintain file of advertisements--Division may inspect files--Period for which files must be maintained.

58-33A-11. Insurer to maintain file of advertisements--Division may inspect files--Period for which files must be maintained.Each insurer shall maintain at its home or principal office a complete file containing a specimen copy of every printed, published, or prepared advertisement of its policies and specimen copies of typical printed, published, or prepared advertisements of its blanket, franchise, and group policies where the content of advertisements vary dependent upon coverage options, hereafter disseminated in this state, with a notation indicating the manner and extent of distribution and the form number of any policy advertised. The file may be kept electronically. The division may inspect the file. All advertisements shall be maintained in the file for a period of either five years or until the filing of the next regular report on the examination of the insurer pursuant to chapter 58-3, whichever is the longer period of time. Source: SL 1999, ch 240, §11.
SD Codified L § 58-33A-12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-12 - Director's prior approval may be required--Other remedies not precluded.

58-33A-12. Director's prior approval may be required--Other remedies not precluded.If the director has reason to believe that an advertisement has the capacity and tendency to mislead or deceive the public or otherwise does not comply with this chapter or the rules promulgated pursuant to this chapter, the director may require an insurer or insurance producer to submit all or any part of the advertising material for review or approval prior to use, in addition to any other remedies allowed by law. Source: SL 1999, ch 240, §12; SL 2000, ch 251, §8.
SD Codified L § 58-33A-13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-13 - Definition of terms.

58-33A-13. Definition of terms.Terms used in §§58-33A-14 to 58-33A-27, inclusive, mean:(1)"Annuity," a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity;(2)"Insurer," a company required to be licensed under the laws of this state to provide insurance products, including annuities;(3)"Insurance producer," a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities;(4)"Recommendation," advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice. Source: SL 2008, ch 273, §1.
SD Codified L § 58-33A-14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-14 - Recommendations to purchase or exchange annuities subject to requirements.

58-33A-14. Recommendations to purchase or exchange annuities subject to requirements.Sections 58-33A-13 to 58-33A-27, inclusive, apply to any recommendation to purchase or exchange an annuity made to a consumer by an insurance producer, or an insurer if no producer is involved, that results in the purchase or exchange recommended. Nothing in §§58-33A-13 to 58-33A-27, inclusive, creates or implies a private cause of action for a violation of §§58-33A-13 to 58-33A-27, inclusive. Source: SL 2008, ch 273, §2.
SD Codified L § 58-33A-15 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-15 - Exemptions from requirements.

58-33A-15. Exemptions from requirements.Unless otherwise specifically included, §§58-33A-13 to 58-33A-27, inclusive, do not apply to any recommendation involving:(1)A direct response solicitation if there is no recommendation based on information collected from the consumer pursuant to §§58-33A-13 to 58-33A-27, inclusive; or(2)Any contract used to fund:(a)An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);(b)A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as of January 1, 2008, if established or maintained by an employer;(c)A government or church plan defined in section 414 of the IRC as of January 1, 2008, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC as of January 1, 2008;(d)A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;(e)A settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or(f)A formal prepaid funeral contract.The director may, by rules promulgated pursuant to chapter 1-26, adopt revisions of the Internal Revenue Code which are in substantial compliance with the intent of subsections (b) and (c) of this section. Source: SL 2008, ch 273, §3.
SD Codified L § 58-33A-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-16 - Reasonable grounds for recommendation.

58-33A-16. Reasonable grounds for recommendation.In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance transactions, the insurance producer, or the insurer if no producer is involved, shall have reasonable grounds for believing that the recommendation is suitable for the consumer on the basis of the facts disclosed by the consumer as to the consumer's investments and other insurance products and as to the consumer's financial situation and needs and that there is a reasonable basis to believe all of the following:(1)The consumer has been reasonably informed of various features of the annuity, such as the potential surrender period and surrender charge, potential tax penalty if the consumer sells, exchanges, surrenders, or annuitizes the annuity, mortality and expense fees, investment advisory fees, potential charges for and features of riders, limitations on interest returns, insurance and investment components, and market risk;(2)The consumer would benefit from certain features of the annuity, such as tax-deferred growth, annuitization, or death or living benefit;(3)The particular annuity as a whole, the underlying subaccounts to which funds are allocated at the time of purchase or exchange of the annuity, and riders and similar product enhancements, if any, are suitable (and in the case of an exchange or replacement, the transaction as a whole is suitable) for the particular consumer based on the consumer's suitability information; and(4)In the case of an exchange or replacement of an annuity, the exchange or replacement is suitable including taking into consideration whether:(a)The consumer will incur a surrender charge, be subject to the commencement of a new surrender period, lose existing benefits (such as death, living, or other contractual benefits), or be subject to increased fees, investment advisory fees, or charges for riders and similar product enhancements;(b)The consumer would benefit from product enhancements and improvements; and(c)The consumer has had another annuity exchange or replacement and, in particular, an exchange or replacement within the preceding thirty-six months. Source: SL 2008, ch 273, §4; SL 2012, ch 250, §1.
SD Codified L § 58-33A-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-17 - Suitability information required before purchase or exchange of annuity.

58-33A-17. Suitability information required before purchase or exchange of annuity.Prior to the execution of a purchase or exchange of an annuity resulting from a recommendation, an insurance producer, or an insurer if no producer is involved, shall make reasonable efforts to obtain the consumer's suitability information. Suitability information includes:(1)Age;(2)Annual income;(3)Financial situation and needs, including the financial resources used for the funding of the annuity;(4)Financial experience;(5)Financial objectives;(6)Intended use of the annuity;(7)Financial time horizon;(8)Existing assets, including investment and life insurance holdings;(9)Liquidity needs;(10)Liquid net worth;(11)Risk tolerance; and(12)Tax status. Source: SL 2008, ch 273, §5; SL 2012, ch 250, §2.
SD Codified L § 58-33A-17.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-17.1 - Reasonable basis to believe annuity is suitable based on suitability information.

58-33A-17.1. Reasonable basis to believe annuity is suitable based on suitability information.Except as permitted under §§58-33A-18 and 58-33A-19, no insurer may issue an annuity recommended to a consumer unless there is a reasonable basis to believe the annuity is suitable based on the consumer's suitability information. Source: SL 2012, ch 250, §3.
SD Codified L § 58-33A-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-18 - Conditions resulting in no obligation to consumer.

58-33A-18. Conditions resulting in no obligation to consumer.Except as provided pursuant to §58-33A-19, no insurance producer nor any insurer has any obligation to a consumer under §58-33A-16 related to any recommendation if:(1)A consumer refuses to provide relevant suitability information and the annuity transaction is not recommended;(2)A consumer decides to enter into an insurance transaction that is not based on a recommendation of the insurer or insurance producer; (3)A recommendation was made and was later found to have been prepared based on materially inaccurate information provided by the consumer; or(4)No recommendation is made. Source: SL 2008, ch 273, §6; SL 2012, ch 250, §4.
SD Codified L § 58-33A-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-19 - Reasonableness under circumstances known to insurer.

58-33A-19. Reasonableness under circumstances known to insurer.An insurer's issuance of an annuity subject to §58-33A-16 shall be reasonable under all the circumstances actually known to the insurer at the time the annuity is issued. Source: SL 2008, ch 273, §7; SL 2012, ch 250, §5.
SD Codified L § 58-33A-19.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-19.1 - Documents required at time of sale.

58-33A-19.1. Documents required at time of sale.An insurance producer or, if no insurance producer is involved, the responsible insurer representative, shall at the time of sale:(1)Make a record of any recommendation subject to §58-33A-16;(2)Obtain a customer signed statement documenting a customer's refusal to provide suitability information, if any; and(3)Obtain a customer signed statement acknowledging that an annuity transaction is not recommended if a customer decides to enter into an annuity transaction that is not based on the insurance producer's or insurer's recommendation. Source: SL 2012, ch 250, §6.
SD Codified L § 58-33A-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-20 - Insurer's system for supervising recommendations.

58-33A-20. Insurer's system for supervising recommendations.An insurer shall establish a system to supervise recommendations that is reasonably designed to achieve compliance with §§58-33A-13 to 58-33A-27, inclusive, including:(1)The insurer shall maintain reasonable procedures to inform its insurance producers of the requirements of §§58-33A-16 to 58-33A-26, inclusive and shall incorporate the requirements of this regulation into relevant insurance producer training manuals;(2)The insurer shall establish standards for insurance producer product training and shall maintain reasonable procedures to require its insurance producers to comply with the requirements of §§58-33A-25.1 to 58-33A-25.3, inclusive;(3)The insurer shall provide product-specific training and training materials that explain all material features of its annuity products to its insurance producers;(4)The insurer shall maintain procedures for review of each recommendation prior to issuance of an annuity that are designed to ensure that there is a reasonable basis to determine that a recommendation is suitable. Such review procedures may apply a screening system for the purpose of identifying selected transactions for additional review and may be accomplished electronically or through other means including, physical review. Such an electronic or other system may be designed to require additional review only of those transactions identified for additional review by the selection criteria;(5)The insurer shall maintain reasonable procedure to detect recommendations that are not suitable. This may include confirmation of consumer suitability information, systematic customer surveys, interviews, confirmation letters, and programs of internal monitoring. Nothing in this subdivision prevents an insurer from complying with this subdivision by applying sampling procedures or by confirming suitability information after issuance or delivery of the annuity; and(6)The insurer shall annually provide a report to senior management, including to the senior manager responsible for audit functions, that details a review, with appropriate testing, reasonably designed to determine the effectiveness of the supervision system, the exceptions found, and corrective action taken or recommended, if any. Source: SL 2008, ch 273, §8; SL 2012, ch 250, §7.
SD Codified L § 58-33A-20.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance|Section 58-33A-20.1 - Contract for performance of supervision system functions--Responsibility for corrective action--Supervision of performance.

58-33A-20.1. Contract for performance of supervision system functions--Responsibility for corrective action--Supervision of performance.Nothing in §58-33A-20 or this section restricts an insurer from contracting for performance of a function required under §58-33A-20, including maintenance of procedures. An insurer is responsible for taking appropriate corrective action and may be subject to sanctions and penalties pursuant to §58-33A-26 regardless of whether the insurer contracts for performance of a function and regardless of the insurer's compliance with this section.An insurer's supervision system under §58-33A-20 and this section shall include supervision of contractual performance under this section. This includes the following:(1)Monitoring and, as appropriate, conducting audits to assure that the contracted function is properly performed; and(2)Annually obtaining a certification from a senior manager who has responsibility for the contracted function that the manager has a reasonable basis to represent, and does represent, that the function is properly performed.An insurer is not required to include in its system of supervision an insurance producer's recommendations to consumers of products other than the annuities offered by the insurer. Source: SL 2012, ch 250, §8.