South Dakota Statutes
§ 58-15-15 — Insurance policy loan--Security--Maximum amount--Private placement policies.
South Dakota § 58-15-15
This text of South Dakota § 58-15-15 (Insurance policy loan--Security--Maximum amount--Private placement policies.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.D. Codified Laws § 58-15-15 (2026).
Text
There shall be a provision that after three full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer shall advance, on proper assignment or pledge of the policy and on the sole security thereof, an amount not to exceed the loan value of the policy. However, in the case of a private placement policy, the obligation of the insurer to advance the loan value of the policy, or any portion of the loan value, is subject to the liquidity of separate account assets comprising such loan value, and the insurer shall advance the loan value of the policy, or any portion of the loan value, as and when the separate account assets from which the loan is to be made, can be, by their respective ter
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Legislative History
SL 1966, ch 111, ch 23, § 9; SL 1974, ch 313, § 1; SL 2006, ch 252, § 2; SL 2009, ch 259, § 2.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.Cite This Page — Counsel Stack
Bluebook (online)
South Dakota § 58-15-15, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/58-15-15.