S.D. Admin. R. 20:06:21:01.05

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

Section 20:06:21:01.05 - Treatment of accelerated benefits in life insurance

Accelerated benefits payable under a life insurance contract:

(1) To a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; and

(2) That reduce the death benefit otherwise payable under the life insurance contract; and

(3) That are payable upon the occurrence of a single qualifying event that results in the payment of a benefit amount determined at the time of acceleration

are not considered to be charging a separate premium pursuant to § 20:06:21:01.03.

S.D. Admin. R. 20:06:21:01.05

32 SDR 203, effective 6/5/2006.

General Authority: SDCL 58-17B-4.

Law Implemented: SDCL 58-17B-2.