reglab/housing_qa huggingface dataset:
SD Codified L § 58-15-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-64 - Reinstatement provision required in annuity or endowment contract.

58-15-64. Reinstatement provision required in annuity or endowment contract.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 value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent per annum payable annually, and in cases where applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. Source: SL 1966, ch 111, ch 23, §24.
SD Codified L § 58-15-65 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-65 - Reversionary annuity contract--Standard provisions.

58-15-65. Reversionary annuity contract--Standard provisions.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 its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract. Source: SL 1966, ch 111, ch 23, §25 (1) (a).
SD Codified L § 58-15-66 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-66 - Reinstatement provision required in reversionary annuity contract.

58-15-66. Reinstatement provision required in reversionary annuity contract.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 stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent per annum. Source: SL 1966, ch 111, ch 23, §25 (1) (b).
SD Codified L § 58-15-67 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-67 - Reversionary annuity contract provisions inapplicable to group annuities or to annuities included in life insurance policies.

58-15-67. Reversionary annuity contract provisions inapplicable to group annuities or to annuities included in life insurance policies.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).
SD Codified L § 58-15-68 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-68 - Incontestability provisions after reinstatement of life insurance policy or annuity contract.

58-15-68. Incontestability provisions after reinstatement of life insurance policy or annuity contract.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 respect to contestability after original issuance. Source: SL 1966, ch 111, ch 23, §31 (1).
SD Codified L § 58-15-69 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-69 - Reinstated life insurance policy or annuity contract--Limitation of liability.

58-15-69. Reinstated life insurance policy or annuity contract--Limitation of liability.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 exclusion or restriction shall be effective from the date of reinstatement. Source: SL 1966, ch 111, ch 23, §31 (2).
SD Codified L § 58-15-70 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-70 - Policy settlements by life insurer.

58-15-70. Policy settlements by life insurer.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 than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets. Source: SL 1966, ch 111, ch 23, §32.
SD Codified L § 58-15-71 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-71 - Life insurance policy--Restrictions on issuing and delivering.

58-15-71. Life insurance policy--Restrictions on issuing and delivering.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)Which provides for the accumulation of profits over a period of years and for payment of all or any part of such accumulated profits only to members or policyholders of a designated group or class who continue as member or policyholders until the end of a specified period of years; or(2)Which provides that on the death of anyone, other than a beneficiary or a person insured thereunder, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. Source: SL 1966, ch 111, ch 23, §33.
SD Codified L § 58-15-82 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-82 - Uniform life insurance and annuity request forms--Director to adopt by rule--Insurers to accept.

58-15-82. Uniform life insurance and annuity request forms--Director to adopt by rule--Insurers to accept.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, within thirty calendar days of receiving the request for the form, any required form to accomplish such transaction. If the insurer does not do so, the policyholder may utilize a uniform life insurance or annuity form for such purpose. The director shall adopt the uniform life insurance and annuity forms by rules promulgated pursuant to chapter 1-26. If the insurer has failed to submit its form to the policyholder or the policyholder's insurance producer within the time period required by this section, the insurer shall accept the uniform form as adopted by the director and may not require the use of any additional form. Source: SL 2002, ch 234, §1.
SD Codified L § 58-15-83 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-83 - Plans excluded from application of §§ 58-15-83 to 58-15-93, inclusive.

58-15-83. Plans excluded from application of §§58-15-83 to 58-15-93, inclusive.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, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as amended to January 1, 1977, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing the contract. Source: SL 2004, ch 299, §2.
SD Codified L § 58-15-86 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-86 - Present value of paid-up annuity benefit--Computation.

58-15-86. Present value of paid-up annuity benefit--Computation.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 the interest rates specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract. Source: SL 2004, ch 299, §5.
SD Codified L § 58-15-87 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-87 - Cash surrender benefits--Calculation of minimum--Death benefit.

58-15-87. Cash surrender benefits--Calculation of minimum--Death benefit.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 contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit. Source: SL 2004, ch 299, §6.
SD Codified L § 58-15-88 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-88 - Contracts without cash surrender benefits--Contracts not providing death benefits prior to commencement of payments--Present value calculations.

58-15-88. Contracts without cash surrender benefits--Contracts not providing death benefits prior to commencement of payments--Present value calculations.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 benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine maturity value, and increased by any additional amounts credited by the company to the contract. For contracts that do not provide any death benefits prior to the commencement of any annuity payments, present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event may the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time. Source: SL 2004, ch 299, §7.
SD Codified L § 58-15-89 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-89 - Election to have payments commence at optional maturity date--Maturity date used for calculation of benefits.

58-15-89. Election to have payments commence at optional maturity date--Maturity date used for calculation of benefits.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 which election shall be permitted by the contract, but may not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later. Source: SL 2004, ch 299, §8.
SD Codified L § 58-15-90 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-90 - Contracts without cash surrender benefits or death benefits at least equal to minimum nonforfeiture amount--Statement in contract.

58-15-90. Contracts without cash surrender benefits or death benefits at least equal to minimum nonforfeiture amount--Statement in contract.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 not provided. Source: SL 2004, ch 299, §9.
SD Codified L § 58-15-91 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-91 - Lapse of time and payments beyond cessation year allowed for calculations.

58-15-91. Lapse of time and payments beyond cessation year allowed for calculations.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 beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs. Source: SL 2004, ch 299, §10.
SD Codified L § 58-15-92 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-92 - Annuity and life insurance benefits in excess of greater of cash surrender benefits or return of gross considerations with interest--Minimum nonforfeiture benefits--Additional benefits.

58-15-92. Annuity and life insurance benefits in excess of greater of cash surrender benefits or return of gross considerations with interest--Minimum nonforfeiture benefits--Additional benefits.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 nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of §§58-15-86 to 58-15-89, inclusive, and §58-15-91, additional benefits payable in the event of total and permanent disability, as reversionary annuity or deferred reversionary annuity benefits, or as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required by §§58-15-83 to 58-15-93, inclusive. The inclusion of such benefits may not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits. Source: SL 2004, ch 299, §11.
SD Codified L § 58-15-93 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-93 - Election to apply provisions of §§ 58-15-83 to 58-15-93 to annuity contracts--Application of provisions after second anniversary.

58-15-93. Election to apply provisions of §§58-15-83 to 58-15-93 to annuity contracts--Application of provisions after second anniversary.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, inclusive, shall become operative with respect to annuity contracts issued by the company after the second anniversary of the effective date of §§58-15-83 to 58-15-93, inclusive. Source: SL 2004, ch 299, §12.
SD Codified L § 58-15-94 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-94 - Applicability of §§ 58-15-94 to 58-15-108.

58-15-94. Applicability of §§58-15-94 to 58-15-108.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 an insurer unless the policy, annuity contract, or retained asset account was issued or delivered in this state.The requirements of §§58-15-94 to 58-15-108, inclusive, do not apply to an annuity used to fund an employment-based retirement plan or program where the insurer does not perform the record-keeping services or the insurer is not committed by the terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants. Source: SL 2018, ch 280, §1.
SD Codified L § 58-15-96 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-96 - Comparison of policies, annuity contracts, and retained asset accounts against DMF.

58-15-96. Comparison of policies, annuity contracts, and retained asset accounts against DMF.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.
SD Codified L § 58-15-97 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-97 - Semi-annual comparison of lapsed policies, annuity contracts, and retained asset accounts against updated DMF.

58-15-97. Semi-annual comparison of lapsed policies, annuity contracts, and retained asset accounts against updated DMF.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.
SD Codified L § 58-15-98 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-98 - Procedures for DMF comparisons--Validation of match.

58-15-98. Procedures for DMF comparisons--Validation of match.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 middle names;(2)Compound last names, maiden or married names, and hyphens, blank spaces, or apostrophes in last names;(3)Transposition of the month and day portions of the date of birth; and(4)Incomplete social security numbers.Upon identifying a potential match pursuant to this section, an insurer shall promptly make reasonable good faith efforts to validate the match by confirming the death of an insured. Source: SL 2018, ch 280, §5.
SD Codified L § 58-15-99 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-99 - Exemption of insurer for financial hardship.

58-15-99. Exemption of insurer for financial hardship.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 may take into consideration the number of policies involved, the costs of conducting a retroactive search in relation to the collected premiums for those policies, whether the policy information is stored electronically, and whether the insurer previously has engaged in the use of the DMF for its annuity contracts, but not for its life insurance policies. Source: SL 2018, ch 280, §6.
SD Codified L § 58-15-100 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-100 - Requirements upon receipt of information establishing knowledge of death.

58-15-100. Requirements upon receipt of information establishing knowledge of death.Upon receipt of information establishing knowledge of death, the insurer shall check its records to determine whether the insurer has any other policies, annuity contracts, or retained asset accounts for that insured.Upon receipt of information establishing knowledge of death of an insured, the insurer shall notify each United States affiliate, parent or subsidiary, as appropriate, and any entity with which the insurer contracts that may maintain or control records related to policies, annuity contracts, or retained asset accounts to which §§58-15-94 to 58-15-108, inclusive, apply, of the knowledge of death or match, and make a reasonable and good faith effort to ensure that each affiliate, parent or subsidiary, or other entity performs a check of their records. Source: SL 2018, ch 280, §7.
SD Codified L § 58-15-101 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-101 - Beneficiary search.

58-15-101. Beneficiary search.If the insurer has not been contacted by a beneficiary within one hundred twenty days of an insurer's receipt of information establishing the insurer's knowledge of death, the insurer shall commence a beneficiary search. The beneficiary search shall be completed within one year from the date the insurer received the information. Source: SL 2018, ch 280, §8.