S.D. Admin. R. 20:06:06:03

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:06:03 - Credit life insurance - Acceptable rates

The acceptable rates for credit life insurance are as follows:

(1) For decreasing term credit life insurance, a single premium of $.56 a year for each $100 of initial insured indebtedness. A premium payable monthly at the rate of $.88 for each $1,000 of outstanding unpaid insured indebtedness will be considered the actuarial equivalent of the foregoing rate; and

(2) For level term credit life insurance, a single premium of $1.02 a year for each $100 of initial indebtedness.

S.D. Admin. R. 20:06:06:03

4 SDR 6, effective 8/9/1977; 5 SDR 91, effective 4/25/1979; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 26 SDR 150, adopted May 21, 2000, effective 7/1/2000.

General Authority: SDCL 58-19-34.

Law Implemented: SDCL 58-19-26.