S.D. Admin. R. 20:06:08:43

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

Section 20:06:08:43 - Permissible exclusions

A life insurance policy may exclude the following:

(1) Foreign travel outside the North American continent if the policy specifically lists the countries for which benefits are excluded when traveling thereto. This exclusion may not include any state, territory, or possession of the United States. The foreign travel exclusion is only permissible for policies with a face value of at least 2 million dollars or for policyholders who qualify as an accredited investor pursuant to 17 C.F.R. § 230.501 (April 1, 2003) or for policyholders who qualify as a qualified purchaser pursuant to 15 U.S.C. § 80a-2(a) (51); and

(2) Death as a result of the insured committing a felony.

S.D. Admin. R. 20:06:08:43

30 SDR 89, effective 12/9/2003; 31 SDR 214 effective 7/6/2005.

General Authority: SDCL 58-15-45.

Law Implemented: SDCL 58-15-45.