S.D. Admin. R. 20:06:07:02

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:06:07:02 - Qualification of insurance companies to issue variable contracts

No company may deliver or issue for delivery variable contracts within this state unless it meets the following requirements:

(1) It is licensed or organized to do a life insurance or annuity business in this state and it is authorized to sell variable contracts in its state of domicile; and

(2) The director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the director shall consider among other things:

(a) The history and financial condition of the company;

(b) The character, responsibility, and fitness of the officers and directors of the company; and

(c) The law and regulation under which the company is authorized in the state of domicile to issue variable contracts; and

(3) It has submitted to the director a general description of the kinds of variable contracts it intends to issue.

S.D. Admin. R. 20:06:07:02

4 SDR 6, effective 8/9/1977; 12 SDR 117, effective 1/19/1986; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 16 SDR 208, effective 6/3/1990.

General Authority: SDCL 58-28-31.

Law Implemented: SDCL 58-28-26.