S.D. Admin. R. 20:06:08:50
A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts.
If the applicant answers "no," the producer's duties with respect to replacement are complete.
If the applicant answers "yes," the producer shall present and read to the applicant, not later than at the time of taking the application, a notice regarding replacements in the form as described in Appendix D or other substantially similar form approved by the director. However, no approval is required when amendments to the notice are limited to the omission of references not applicable to the product being sold or replaced. The notice must be signed by both the applicant and the producer attesting that the notice has been read aloud by the producer or that the applicant did not wish the notice to be read aloud, in which case the producer need not have read the notice aloud, and left the notice with the applicant.
S.D. Admin. R. 20:06:08:50
General Authority: SDCL 58-33A-7(10).
Law Implemented: SDCL 58-33-5, 58-33-6, 58-33-7, 58-33-8, 58-33A-1, 58-33A-2.