S.D. Admin. R. 20:06:06:03.03
Current through Register Vol. 51, page 67, December 16, 2024
Where credit life insurance on a single indebtedness is provided on two lives, it shall mean insurance on spouse, family member or business partners only, where both are jointly and severally liable for the debt. The writing of insurance on more than two lives on the same indebtedness is prohibited. Decreasing or level joint credit life insurance shall be issued at a premium rate not to exceed the single life rate in § 20:06:06:03 multiplied by a factor of 1.5. Joint life rates shall be filed and approved by the director.
S.D. Admin. R. 20:06:06:03.03
General Authority: SDCL 58-19-34.
Law Implemented: SDCL 58-19-26.