South Dakota § 58-15-32 Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies.

South Dakota Statutes

§ 58-15-32 — Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies.

South Dakota § 58-15-32

Title 58INSURANCE

Ch. 58-13LIFE INSURANCE AND ANNUITIES

This text of South Dakota § 58-15-32 (Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--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 § 58-15-32 (2026).

Text

Any of the provisions or portions thereof set forth in § 58-15-31 which are not applicable by reason of the plan of insurance may, to the extent inapplicable, be omitted from the policy. Except for a private placement policy, the insurer shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy. In the case of a private placement policy, the insurer may reserve the right to defer the payment of cash surrender value until the separate account assets comprising such cash surrender value can be, by their respective terms, converted to cash, which may be greater than six months after the surrender of the policy and demand for payment of such cash surrender value.

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Any of the provisions or portions thereof set forth in § 58-15-31 which are not applicable by reason of the plan of insurance may, to the extent inapplicable, be omitted from the policy. Except for a private placement policy, the insurer shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy. In the case of a private placement policy, the insurer may reserve the right to defer the payment of cash surrender value until the separate account assets comprising such cash surrender value can be, by their respective terms, converted to cash, which may be greater than six months after the surrender of the policy and demand for payment of such cash surrender value.