S.D. Admin. R. 20:06:13:43.01
An agent is presumed to have violated SDCL 58-33-5 when the agent knowingly solicits, procures, or sells to any prospective insured who has an existing policy in force a Medicare supplement policy, long term care policy, or other type of health insurance policy designed specifically to be marketed to individuals who qualify for Medicare because of their age unless the agent informs the insured in writing either separately or on the face of the application that the new policy is intended to replace the existing policy. The agent must ensure that the prospective insured understands that the policy is a replacement of an existing policy.
An agent who engages in the sale or solicitation of such policies when the purchase is not reasonable or prudent or is otherwise not in the prospective insured's best interest has engaged in an unfair or deceptive trade practice in violation of SDCL 58-33-2.
S.D. Admin. R. 20:06:13:43.01
General Authority: SDCL 58-4-1, 58-17A-2.
Law Implemented: SDCL 58-17A-2, 58-33-2, 58-33-5, 58-33-6, 58-33-8.