reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.5 - Additional expense allowance.

58-15-43.5. Additional expense allowance.
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 the average amount of insurance prior to the change at the beginning of each of the first ten policy years subsequent to the time of the most recent previous change, or, if there has been no previous change, the date of issue of the policy; and one hundred twenty-five percent of the increase, if positive, in the nonforfeiture net level premium.
Source:
SL 1982, ch 357, §9.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.6 - Recalculated nonforfeiture net level premium.

58-15-43.6. Recalculated nonforfeiture net level premium.
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 of the policy on or subsequent to the date of the change on which a premium would have fallen due had the change not occurred, and the present value of the increase in future guaranteed benefits provided for by the policy, and (B) equals the present value of an annuity of one per annum payable on each anniversary of the policy on or subsequent to the date of change on which a premium falls due.
Source:
SL 1982, ch 357, §10.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.7 - Substandard policy--Calculation of adjusted premiums and present value.

58-15-43.7. Substandard policy--Calculation of adjusted premiums and present value.
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 as an otherwise similar policy issued on the standard basis which provides higher uniform amounts of insurance, adjusted premiums, and present values for such substandard policy may be calculated as if it were issued to provide the higher uniform amounts of insurance on the standard basis.
Source:
SL 1982, ch 357, §11.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.9 - Nonforfeiture interest rate.

58-15-43.9. Nonforfeiture interest rate.
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 statutory valuation interest rate for the policy as defined in the standard valuation law, rounded to the nearer one quarter of one percent, provided that the nonforfeiture rate may not be less than four percent;
(2)For policies issued on or after the operative date of the valuation manual the forfeiture interest rate per annum for any policy issued in a particular calendar year is provided by the valuation manual.
Source:
SL 1982, ch 357, §13; SL 2015, ch 254, §42.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.10 - Refiling of nonforfeiture values or methods of computation.

58-15-43.10. Refiling of nonforfeiture values or methods of computation.
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 do not require refiling of any other provisions of that policy form.
Source:
SL 1982, ch 357, §14.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.11 - Notice of election to comply with revised nonforfeiture.

58-15-43.11. Notice of election to comply with revised nonforfeiture.
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 §§58-15-43.1 to 58-15-43.11, inclusive, for the insurer. If an insurer makes no election, the operative date of this section for such insurer is January 1, 1989.
Source:
SL 1982, ch 357, §15.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-43.12 - Insurance plans to conform to minimum standards of nonforfeiture laws.

58-15-43.12. Insurance plans to conform to minimum standards of nonforfeiture laws.
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 values cannot be determined by the methods described in §§58-15-31 to 58-15-38, inclusive, and §§58-15-43.1 to 58-15-43.11, inclusive, then the director of the Division of Insurance must be satisfied that the benefits provided under the plan are substantially as favorable to policy holders and insureds as the minimum benefits otherwise required by those sections. Further, the director must be satisfied that the benefits and the pattern of premiums of that plan do not mislead prospective policyholders or insureds. In addition the cash surrender values and paid-up nonforfeiture benefits provided by the plan may not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this chapter, as determined by regulations promulgated by the director.
Source:
SL 1982, ch 357, §16.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-44 - Dating back of application for insurance to reduce premium prohibited--Contract not invalidated.

58-15-44. Dating back of application for insurance to reduce premium prohibited--Contract not invalidated.
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 premium that would be payable thereon as determined by the insuring age of the insured at the time when such application was made. No insurance producer or other representative of an insurer may in this state prepare, submit, or accept any application for life insurance that bears a date earlier than the date when the application was made by the insured or applicant, if thereby the premium on the contract is reduced as above stated. Nothing contained in this section invalidates any contract made in violation of this section. This section does not prohibit the exchange, alteration, or conversion of any policy of life insurance.
Source:
SL 1966, ch 111, ch 23, §35; SL 2001, ch 286, §109; SL 2021, ch 210, § 8.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-45 - Excluding or restricting coverage in case of death--Permissible exclusions.

58-15-45. Excluding or restricting coverage in case of death--Permissible exclusions.
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 provisions excluding or restricting coverage as specified in the policy in the event of death under any one or more of the following circumstances:
(1)Death as a result, directly or indirectly, of war, declared or undeclared, or of action by military forces, or of any act or hazard of such war or action, or of service in the military, naval, or air forces or in civilian forces auxiliary thereto, or from any cause while a member of such military, naval, or air forces of any country at war, declared or undeclared, or of any country engaged in such military action. However, this exclusion is not enforceable unless the applicant is affirmatively advised at the time of delivery of the policy that the policy in question contains war clause exclusions;
(2)Death as a result of aviation or any air travel or flight;
(3)Death as a result of a specified hazardous occupation or occupations;
(4)Death within two years from the date of issue of the policy as a result of suicide, while sane or insane;
(5)Any other exclusion or restriction the director may adopt, by rule promulgated pursuant to chapter 1-26, if the exclusion or restriction is in the best interest of the insurance buying public.
Source:
SL 1966, ch 111, ch 23, §26 (1) (b); SL 1992, ch 346; SL 2002, ch 233, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-46 - Excluding or restricting coverage in case of death--Return of premiums, adjustment for indebtedness and dividend credits.

58-15-46. Excluding or restricting coverage in case of death--Return of premiums, adjustment for indebtedness and dividend credits.
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 adjustment for indebtedness and dividend credits. If the policy is a variable policy, the insurer may, if the policy so provides, return all premiums received under the policy with adjustment for indebtedness and adjustment to reflect the investment experience of the separate account.
Source:
SL 1966, ch 111, ch 23, §26 (2); SL 2001, ch 54, §7.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-47 - Prohibited policy provisions--Person soliciting insurance or annuity insurance producer of insured.

58-15-47. Prohibited policy provisions--Person soliciting insurance or annuity insurance producer of insured.
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 representations of such insurance producer binding upon the person so covered.
Source:
SL 1966, ch 111, ch 23, §26 (1) (f); SL 2001, ch 286, §110.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-48 - Prohibited policy provisions--Construction of contract according to laws of other state or country.

58-15-48. Prohibited policy provisions--Construction of contract according to laws of other state or country.
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).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-49 - Prohibited policy provisions--Rights and obligations of insured under contract governed by law of other state.

58-15-49. Prohibited policy provisions--Rights and obligations of insured under contract governed by law of other state.
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, ch 111, ch 23, §26 (1) (d).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-50 - Prohibited policy provisions--Depriving courts of jurisdiction of action against insurer.

58-15-50. Prohibited policy provisions--Depriving courts of jurisdiction of action against insurer.
No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision depriving the courts of this state of the jurisdiction of any action at law or in equity against the insurer.
Source:
SL 1966, ch 111, ch 23, §26 (1) (e).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-51 - Limitation of action on policy--Minimum time.

58-15-51. Limitation of action on policy--Minimum time.
No policy of life insurance shall be delivered or issued for delivery in this state if it contains any provision limiting the time within which an action at law or in equity may be commenced on such a policy to less than six years after the cause of action shall accrue.
Source:
SL 1966, ch 111, ch 23, §26 (1) (a).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-52 - Prohibited policy provisions inapplicable to group life insurance, health insurance, reinsurance, annuities, and accident benefits under life insurance policy.

58-15-52. Prohibited policy provisions inapplicable to group life insurance, health insurance, reinsurance, annuities, and accident benefits under life insurance policy.
The provisions of §§58-15-45 to 58-15-51, inclusive, do not apply to health insurance, reinsurance, or annuities. The provisions of §§58-15-46 to 58-15-51, inclusive, do not apply to group life or to any provision in a life insurance policy or contract supplemental thereto relating to health benefits or to additional benefits in the event of death by accidental means. However, the provisions of §58-15-45 apply to group life insurance and to any provision in a life insurance policy or contract supplemental thereto relating to health benefits or to additional benefits in the event of death by accidental means.
Source:
SL 1966, ch 111, ch 23, §26 (3); SL 2006, ch 253, §1.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-53 - Use of prohibited policy provision which is more favorable to insured.

58-15-53. Use of prohibited policy provision which is more favorable to insured.
Nothing contained in §§58-15-45 to 58-15-51, inclusive, shall prohibit any provision which in the opinion of the director is more favorable to the policyholder than a provision permitted by said sections.
Source:
SL 1966, ch 111, ch 23, §26 (4).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-54 - Prohibited policy provisions in industrial life insurance--Denial of liability because of other insurance.

58-15-54. Prohibited policy provisions in industrial life insurance--Denial of liability because of other insurance.
No policy of industrial life insurance shall contain any provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer.
Source:
SL 1966, ch 111, ch 23, §27 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-55 - Prohibited policy provisions in industrial life insurance--Right to declare policy void because of disease or ailment of insured.

58-15-55. Prohibited policy provisions in industrial life insurance--Right to declare policy void because of disease or ailment of insured.
No policy of industrial life insurance shall contain any provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical, or surgical treatment, except a provision which gives the insurer the right to declare the policy void if the insured has, within two years prior to the issuance of the policy, received institutional, hospital, medical, or surgical treatment or attention and if the insured or claimant under the policy fails to show that the condition occasioning such treatment or attention was not of a serious nature or was not material to the risk.
Source:
SL 1966, ch 111, ch 23, §27 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-57 - Annuity and endowment contracts--Standard provisions required, exceptions.

58-15-57. Annuity and endowment contracts--Standard provisions required, exceptions.
No annuity or pure endowment contract, other than reversionary, survivorship, or group annuities and except as stated herein or in §58-15-58, 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 58-15-64, inclusive. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
Source:
SL 1966, ch 111, ch 23, §18 (1).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-58 - Standard provisions of annuity and endowment contracts inapplicable to deferred annuities under life insurance policies.

58-15-58. Standard provisions of annuity and endowment contracts inapplicable to deferred annuities under life insurance policies.
Section 58-15-57 shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
Source:
SL 1966, ch 111, ch 23, §18 (2).
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-59 - Annuities and endowments--Entire agreement contained in contract and application.

58-15-59. Annuities and endowments--Entire agreement contained in contract and application.
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
Source:
SL 1966, ch 111, ch 23, §21.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-59.1 - Right of annuitant or purchaser to cancel after receipt of contract--Effect of cancellation.

58-15-59.1. Right of annuitant or purchaser to cancel after receipt of contract--Effect of cancellation.
Every individual annuity contract, excluding variable annuity contracts, issued for delivery in South Dakota on or after July 1, 1978, by an insurance company or fraternal benefit society, shall have printed on or attached to the annuity contract, a notice stating in substance that the person to whom the annuity contract is issued shall be permitted to return the annuity contract, with a written request for cancellation within ten days of its actual receipt by the purchaser, and to have the premium paid refunded if, after examination of the annuity contract, the purchaser is not satisfied with it for any reason. If annuitant or purchaser pursuant to the notice, returns the annuity contract to the company or fraternal benefit society at its home or branch office or to the insurance producer through whom it was purchased, it is void from the beginning and the parties are in the same position as if no annuity contract had been issued.
Source:
SL 1978, ch 361, §1; SL 2001, ch 286, §111.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-59.2 - Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.

58-15-59.2. Issuance of policies by insurance company or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.
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 acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;
(2)If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.
The receipts and the certificates of mailing described in this section shall be retained by the insurer for five years. If a producer obtains the delivery receipt, the producer shall forward the signed delivery receipt to the insurer.
Source:
SL 1982, ch 28, §18; SL 1987, ch 374, §2; SL 2001, ch 286, §112; SL 2002, ch 232, §2.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-60 - Effect of misstatement of age or sex in annuity or endowment contract.

58-15-60. Effect of misstatement of age or sex 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 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 under the contract shall be such as the stipulated payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment on account of any such misstatement, the amount thereof with interest at the rate to be specified in the contract but not exceeding six percent per annum, may be charged against the current or next succeeding payments to be made by the insurer under the contract.
Source:
SL 1966, ch 111, ch 23, §22.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-61 - Incontestability provision in annuity or endowment contract.

58-15-61. Incontestability provision in annuity or endowment contract.
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 shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of two years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accidental means.
Source:
SL 1966, ch 111, ch 23, §20.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-62 - Grace period in annuity or endowment contract.

58-15-62. Grace period 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 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 payment may be made, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments may be deducted from any amount payable under the contract in settlement.
Source:
SL 1966, ch 111, ch 23, §19.
2023 South Dakota Codified Laws › Title 58 - Insurance › Chapter 15 - Life Insurance And Annuities › Section 58-15-63 - Participating annuity or endowment contract--Ascertainment and apportionment of divisible surplus.

58-15-63. Participating annuity or endowment contract--Ascertainment and apportionment of divisible surplus.
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, §23.
2023 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.
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.