S.D. Codified Laws § 58-15-15.13

Current through the 2024 Legislative Session

Section 58-15-15.13 - Private placement policy defined

A private placement policy is a variable annuity contract or a variable life insurance policy that is:

(1) Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and

(2) Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.

SDCL 58-15-15.13

SL 2006, ch 252, §1; SL 2014, ch 229, §2.

Amended by S.L. 2014, ch. 229,s. 2, eff. 7/1/2014.