South Dakota § 58-15-99 Exemption of insurer for financial hardship.

South Dakota Statutes

§ 58-15-99 — Exemption of insurer for financial hardship.

South Dakota·Title 58 INSURANCE·Ch. 58-13 LIFE INSURANCE AND ANNUITIES

The director may exempt an insurer from the DMF comparisons required under §§ 58-15-94 to 58-15-108 , inclusive, if the insurer demonstrates to the director's satisfaction that compliance would result in financial hardship to the insurer. In making the determination the director may take into consideration the number of policies involved, the costs of conducting a retroactive search in relation to the collected premiums for those policies, whether the policy information is stored electronically, and whether the insurer previously has engaged in the use of the DMF for its annuity contracts, but not for its life insurance policies.

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The director may exempt an insurer from the DMF comparisons required under §§ 58-15-94 to 58-15-108 , inclusive, if the insurer demonstrates to the director's satisfaction that compliance would result in financial hardship to the insurer. In making the determination the director may take into consideration the number of policies involved, the costs of conducting a retroactive search in relation to the collected premiums for those policies, whether the policy information is stored electronically, and whether the insurer previously has engaged in the use of the DMF for its annuity contracts, but not for its life insurance policies.

South Dakota § 58-15-99 (Exemption of insurer for financial hardship.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.