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

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:06:10 - Limited eligibility requirements for credit unemployment insurance policies

A credit unemployment insurance policy may not contain eligibility requirements more restrictive than the following:

(1) Excluding the following persons for coverage:

(a) Self-employed individuals;

(b) Workers in seasonal or temporary jobs, defined as jobs designed to last six consecutive months or less;

(c) Debtors who have been notified either orally or in writing of any layoff or of employment termination immediately or within the next 60 days; or

(d) Debtors who have been notified either orally or in writing of any layoff or of employment termination prior to effective date of coverage;

(2) Requiring the debtor be employed full-time on the effective date of coverage for at least 12 consecutive months prior to the effective date of coverage. Full-time means a regular workweek of not less than 30 hours; or

(3) Providing that no insurance will become effective on debtors on or after the attainment of age 66 and that all insurance will terminate upon the loan anniversary date at age 66.

The exclusions allowed by subdivision (1) of this section must be disclosed to all prospective insureds.

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

29 SDR 84, effective 12/15/2002.

General Authority: SDCL 58-19-34(6).

Law Implemented: SDCL 58-19-26.