S.D. Admin. R. 20:06:22:01

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

Section 20:06:22:01 - Types of renewal clauses

For purposes of § 20:06:22:02, the types of renewal clauses are as follows:

(1) Optionally Renewable (OR): renewal is at the option of the insurance company;

(2) Conditionally Renewable (CR): renewable, but may be declined by class, by geographic area, or for stated reasons other than deterioration of health;

(3) Guaranteed Renewable (GR): renewal may not be declined by the insurance company for any reason, but the insurance company may revise rates on a class basis;

(4) Noncancelable (NC): renewal may not be declined nor may rates be revised by the insurance company.

S.D. Admin. R. 20:06:22:01

16 SDR 208, effective 6/3/1990.

General Authority: SDCL 58-4-1, 58-17-4.2.

Law Implemented: SDCL 58-17-4.2.