reglab/housing_qa huggingface dataset:
SD Codified L § 58-15-15.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.4 - Insurance policy loan--Definition of terms.

58-15-15.4. Insurance policy loan--Definition of terms.For purposes of §§58-15-15.5 to 58-15-15.12, inclusive:(1)The rate of interest on policy loans permitted under §§58-15-15.5 to 58-15-15.12, inclusive, includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy;(2)The term "policy loan" includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due;(3)The term "policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer; and(4)The term "policy" includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans. Source: SL 1982, ch 358, §1.
SD Codified L § 58-15-15.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.5 - "Published monthly average" defined.

58-15-15.5. Published monthly average defined.For purposes of §§58-15-15.4 to 58-15-15.12, inclusive, the "published monthly average" means Moody's corporate bond yield average--monthly average corporates, as published by Moody's investors service, incorporated, by yearly order of the director, or in the event that Moody's corporate bond yield average--monthly average corporates is no longer published, a substantially similar average, established by rule promulgated by the director. Source: SL 1982, ch 358, §2; SL 1986, ch 22, §28.
SD Codified L § 58-15-15.6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.6 - Insurance policy loan--Permitted interest rates.

58-15-15.6. Insurance policy loan--Permitted interest rates.Any policy issued on or after July 1, 1982, shall provide for policy loan interest rates through a provision permitting a maximum interest rate of not more than eight percent per annum or a provision permitting an adjustable maximum interest rate established from time to time by the life insurer, as permitted by law. Source: SL 1982, ch 358, §3.
SD Codified L § 58-15-15.7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.7 - Insurance policy loan--Allowable rate under adjustable maximum interest rate.

58-15-15.7. Insurance policy loan--Allowable rate under adjustable maximum interest rate.The rate of interest charged on a policy loan made under an adjustable maximum interest rate may not exceed the higher of the "published monthly average" for the calendar month ending two months before the date on which the rate is determined or the rate used to compute the cash surrender values under the policy during the applicable period plus one percent per year. If the maximum rate of interest is determined pursuant to §58-15-15.6 as an adjustable maximum rate, the policy shall contain a provision setting forth the frequency at which the rate is to be determined for that policy. Source: SL 1982, ch 358, §4.
SD Codified L § 58-15-15.8 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.8 - Insurance policy loan--Determination of interest under adjustable maximum interest rate.

58-15-15.8. Insurance policy loan--Determination of interest under adjustable maximum interest rate.The maximum rate of interest for each policy shall be determined at regular intervals at least once every twelve months, but not more frequently than once in any three-month period. At the intervals specified in the policy, the rate being charged may be increased whenever such increase as determined under an adjustable maximum interest rate would increase that rate by one-half percent or more per year. The rate being charged must be reduced whenever such reduction as determined under §58-15-15.7 would decrease that rate by one-half percent or more per year. Source: SL 1982, ch 358, §5.
SD Codified L § 58-15-15.9 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.9 - Insurance policy loan--Notice of interest rate to policyholder.

58-15-15.9. Insurance policy loan--Notice of interest rate to policyholder.The life insurer shall notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan and shall notify the policyholder with respect to premium loans of the initial rate of interest on the loan as soon as it is reasonably practical to do so after making the initial loan. Notice need not be given to the policyholder when a further premium loan is added, except that the life insurer shall send to policyholders with loans reasonable advance notice of any increase in the rate and shall include in the required notice the substance of the pertinent provisions of §§58-15-15.6 and 58-15-15.7 regarding the adjustable maximum interest rate. Source: SL 1982, ch 358, §6.
SD Codified L § 58-15-15.10 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.10 - Insurance policy loan--Loan value of policy.

58-15-15.10. Insurance policy loan--Loan value of policy.The loan value of a policy shall be determined in accordance with §58-15-16, but no policy may terminate in a policy year as the sole result of change in the interest rate during that policy year. The life insurer shall maintain coverage during that policy year until the time at which it would otherwise have terminated if there had been no change during that policy year. Source: SL 1982, ch 358, §7.
SD Codified L § 58-15-15.11 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.11 - Insurance policy loan--Provisions of statutes required in policies.

58-15-15.11. Insurance policy loan--Provisions of statutes required in policies.The substance of the pertinent provisions of §§58-15-15.6 and 58-15-15.7 regarding the adjustable maximum interest rate shall be set forth in the policies to which they apply. Source: SL 1982, ch 358, §8.
SD Codified L § 58-15-15.12 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.12 - Insurance policy loan--Application of statutes on interest rates to prior contracts.

58-15-15.12. Insurance policy loan--Application of statutes on interest rates to prior contracts.The provisions of §§58-15-15.4 to 58-15-15.12, inclusive, do not apply to any insurance contract issued before July 1, 1982, unless the policyholder agrees in writing to the applicability of the provisions. No other provision of the law applies to policy loan interest rates unless specifically applicable to such rates. Source: SL 1982, ch 358, §9.
SD Codified L § 58-15-15.13 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.13 - Private placement policy defined.

58-15-15.13. Private placement policy defined.A private placement policy is a variable annuity contract or a variable life insurance policy that is:(1)Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and(2)Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933. Source: SL 2006, ch 252, §1; SL 2014, ch 229, §2.
SD Codified L § 58-15-15.14 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-15.14 - Premium defined.

58-15-15.14. Premium defined.Premium is the consideration for insurance by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. For a private placement policy, with the consent of the insurer, premium may be in the form of assets to be held by the insurer in a separate account, as long as the fair value of the assets are independently verified at the time of receipt by the insurer. Source: SL 2014, ch 229, §3.
SD Codified L § 58-15-16 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-16 - Loans on policies issued prior to the adoption of standard policy provisions--Loan value--Deferment of application--Private placement policies.

58-15-16. Loans on policies issued prior to the adoption of standard policy provisions--Loan value--Deferment of application--Private placement policies.In the case of those policies issued prior to the operative date specified in §58-15-42, the loan value referred to in §58-15-15 is the reserve at the end of the current policy year on the policy and on any dividend additions thereto, computed according to a mortality table, interest rate, and method of valuation permitted by §§ 58-26-45 to 58-26-84, inclusive, less a sum not more than two and one-half percent of the amount insured by the policy and of any dividend additions thereto. The policy may provide that such loan may be deferred for not exceeding six months after application therefor, and shall contain a table showing in figures the loan values during at least the first twenty years of the policy or during the term of the policy, whichever is the shorter. However, in the case of a private placement policy, the policy may provide that the loan, or portions thereof, may be deferred until the separate account assets, or portion thereof, comprising such loan can be, by their respective terms, converted to cash. Source: SL 1966, ch 111, ch 23, §30 (1); SL 2006, ch 252, §3.
SD Codified L § 58-15-17 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-17 - Loans on policies under standard policy provisions--Loan value--Deferment of application--Private placement policies.

58-15-17. Loans on policies under standard policy provisions--Loan value--Deferment of application--Private placement policies.In the case of policies issued on or after the operative date specified in §58-15-42, the loan value referred to in §58-15-15 shall be the cash surrender value at the end of the current policy year as required by §58-15-33. The policy shall reserve to the insurer the right to defer the granting of a loan, other than for the payment of any premium to the insurer, for six months after application of the loan. For any private placement policy, the loan value shall be equal to the portion of the cash surrender value that can immediately be converted to cash, pursuant to the policyholder's consent. A private placement policy may reserve to the insurer the right to defer the granting of a loan, or any portion of the loan, until the policy separate account assets, from which the loan is to be made, can be, by their respective terms, converted to cash. Source: SL 1966, ch 111, ch 23, §30 (2); SL 2001, ch 54, §3; SL 2003, ch 245, §3; SL 2006, ch 252, §4; SL 2009, ch 259, §3.
SD Codified L § 58-15-18 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-18 - Loan value of policy--Indebtedness deducted.

58-15-18. Loan value of policy--Indebtedness deducted.The loan value of the policy shall be at least equal to the amount required by §58-15-16 or 58-15-17, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such amount including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year. Source: SL 1966, ch 111, ch 23, §9.
SD Codified L § 58-15-19 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-19 - Delinquent interest on policy loan exceeding amount of loan value--Termination of policy, notice.

58-15-19. Delinquent interest on policy loan exceeding amount of loan value--Termination of policy, notice.The policy may also provide that if interest on any indebtedness is not paid when due it shall then be added to the existing indebtedness and shall bear interest at the same rate, and that if and when the total indebtedness on the policy, including interest due or accrued, equals or exceeds the amount of the loan value thereof, then the policy shall terminate and become void but not until at least thirty days' notice shall have been mailed by the insurer to the last known address of the insured or policy owners and of any assignee of record at the home office of the insurer. Source: SL 1966, ch 111, ch 23, §9.
SD Codified L § 58-15-20 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-20 - Policy loan provisions inapplicable to term insurance or industrial life insurance policies.

58-15-20. Policy loan provisions inapplicable to term insurance or industrial life insurance policies.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.
SD Codified L § 58-15-21 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-21 - Nonforfeiture of benefits--Cash surrender value--Provisions required in policies.

58-15-21. Nonforfeiture of benefits--Cash surrender value--Provisions required in policies.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.
SD Codified L § 58-15-22 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-22 - Reinstatement provisions required in policy.

58-15-22. Reinstatement provisions required in policy.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 two years in the case of industrial life insurance policies, from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears and the payment or reinstatement of any other indebtedness to the insurer upon the policy, all with interest at a rate as provided in §58-15-15.6. Source: SL 1966, ch 111, ch 23, §12; SL 1982, ch 358, §10.
SD Codified L § 58-15-23 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-23 - Participating policies--Annual dividends, ascertainment, and apportionment.

58-15-23. Participating policies--Annual dividends, ascertainment, and apportionment.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 the policy provided the policy is in force and all premiums to that date are paid. Source: SL 1966, ch 111, ch 23, §8 (1).
SD Codified L § 58-15-24 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-24 - Participating policies--Rights of policyholder to dividends.

58-15-24. Participating policies--Rights of policyholder to dividends.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 options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than thirty days following the date on which such dividend is due and payable.The annually apportioned dividend shall be deemed to be payable in cash within the meaning of subdivision (1) above even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed six years from the date of apportionment and that interest will be added to such dividend at a specified rate. If a participating policy provides that the benefit under any paid-up nonforfeiture provision is to be participating, it may provide that any divisible surplus becoming payable or apportioned while the insurance is in force under such nonforfeiture provision shall be applied in the manner set forth in the policy. Source: SL 1966, ch 111, ch 23, §8 (1).
SD Codified L § 58-15-25 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-25 - Participating industrial life insurance policies--Annual participation of policy in divisible surplus.

58-15-25. Participating industrial life insurance policies--Annual participation of policy in divisible surplus.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, in the manner set forth in the policy. Source: SL 1966, ch 111, ch 23, §8 (2).
SD Codified L § 58-15-26 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26 - Payment of claims for benefits--Private placement policies.

58-15-26. Payment of claims for benefits--Private placement policies.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 specify a particular period prior to the expiration of which settlement shall be made, such period may not exceed two months from the receipt of such proof. For any private placement policy, settlement may be made in cash or, if allowed under the policy, by distributing assets of the separate account to the claimant with the consent of the policyholder or the policyholder's designee, as long as the fair market value of the assets are independently verified at the time of disbursement by the insurer. In any private placement policy, the obligation of the insurer to settle that portion of the policy attributable to separate account assets is subject to the liquidity of such assets, and the insurer shall settle such portion of the policy as and when such assets can be, by their respective terms, either converted to cash, which may be later than two months after the insurer's receipt of due proof of death, or otherwise dispersible by the insurer. Source: SL 1966, ch 111, ch 23, §14; SL 2001, ch 54, §4; SL 2003, ch 245, §4; SL 2006, ch 252, §5; SL 2009, ch 259, §4; SL 2020, ch 207, § 1.
SD Codified L § 58-15-26.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26.1 - Insurers to pay interest on life insurance proceeds.

58-15-26.1. Insurers to pay interest on life insurance proceeds.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, §1.
SD Codified L § 58-15-26.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26.2 - Computation of interest.

58-15-26.2. Computation of interest.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 interest settlement option, whichever rate is greater. For any private placement policy, the interest shall be computed commencing the latter of sixty days succeeding the date of death of the insured or the date proof of death has been received by the insurer in good order until the date of payment. In any private placement policy, the obligation of the insurer to pay interest on that portion of the policy attributable to separate account assets may only be computed as and when such assets are, by their respective terms, either converted to cash or otherwise dispersible by the insurer. Source: SL 1987, ch 375, §2; SL 2001, ch 54, §5; SL 2003, ch 245, §5; SL 2009, ch 259, §5.
SD Codified L § 58-15-26.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26.3 - Interest not required where beneficiary elects to receive other than lump sum payment.

58-15-26.3. Interest not required where beneficiary elects to receive other than lump sum payment.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, ch 375, §3.
SD Codified L § 58-15-26.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26.4 - Notice to beneficiary of interest.

58-15-26.4. Notice to beneficiary of interest.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 or payments under the policy. The notice shall specify the rate of interest to be paid. Source: SL 1987, ch 375, §4.
SD Codified L § 58-15-26.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-26.5 - Application limited.

58-15-26.5. Application limited.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.
SD Codified L § 58-15-27 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-27 - Beneficiary to be designated in industrial life policy--Change of beneficiary--Endorsement on policy.

58-15-27. Beneficiary to be designated in industrial life policy--Change of beneficiary--Endorsement on policy.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 the insurer until endorsed on the policy by the insurer, and that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured. Source: SL 1966, ch 111, ch 23, §15.