S.D. Admin. R. 20:06:10:21

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

Section 20:06:10:21 - Disclosure requirements

The disclosure requirements for life insurance policies are as follows:

(1) The buyer's guide and any policy summary, shall be provided either prior to accepting an applicant's initial premium or premium deposit, or be delivered with the policy or prior to delivery of the policy. The policy summary must be provided to prospective purchasers only where the insurer has identified the policy form as one that will not be marketed with an illustration. The policy summary shall show guarantees only; and

(2) If a solicitation refers to either a dollar amount or a period of time for which a benefit is payable, to the cost of the policy, to a specific policy benefit, or to the loss for which the benefit is payable, it must disclose the provisions relating to renewal, cancellation, termination and modification of benefits; losses covered; or premiums, because of age or for other reasons in a manner which does not minimize or render obscure the qualifying conditions.

S.D. Admin. R. 20:06:10:21

38 SDR 116, effective 1/10/2012.

General Authority: SDCL 58-33A-7.

Law Implemented: SDCL 58-33-5, 58-33-6, 58-33-7.