S.D. Admin. R. 20:06:08:47
Any exclusion or restriction on a life insurance policy or certificate, which is permitted by law to be part of a life insurance policy and which is to be added after policy or certificate date of issuance, must contain the written consent of the policyholder on the endorsement to the policy or certificate. Any endorsement excluding or restricting coverage must be filed and approved pursuant to SDCL 58-11-12 to 58-11-22, inclusive. Any endorsement sent to the insured must be accompanied by an explanation of the endorsement and must be a full and fair disclosure of the effect of signing the endorsement including that the signing of the endorsement is optional. Any written information accompanying the endorsement for signature by the policyholder or certificateholder must be filed with the director along with the endorsement.
This section applies to any provision that seeks to modify or amend a policy or certificate after the date of issuance, including any provision which seeks to modify or amend the incontestability clause of a policy or certificate. This rule applies to any amendment or modification to a policy or certificate in effect as of the effective date of this section as well as to any policy or certificate issued after the effective date of this section.
S.D. Admin. R. 20:06:08:47
General Authority: SDCL 58-11-63(4), 58-15-45(5), 58-33A-7(8).
Law Implemented: SDCL 58-11-39, 58-15-45, 58-33A-2, 58-33A-7, 58-33A-7(8), 58-33A-8.