South Dakota § 58-16-2 Employee group insurance permitted--Beneficiaries.

South Dakota Statutes

§ 58-16-2 — Employee group insurance permitted--Beneficiaries.

South Dakota § 58-16-2

Title 58INSURANCE

Ch. 58-13GROUP LIFE INSURANCE POLICIES

This text of South Dakota § 58-16-2 (Employee group insurance permitted--Beneficiaries.) 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 § 58-16-2 (2026).

Text

A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the requirements of §§ 58-16-3 to 58-16-6 , inclusive. However, an employee of a nonprofit charitable employer, may name the employer as the beneficiary of a policy of group life insurance; provided that the employee has furnished the insurer with a notarized statement, signed by the employee, certifying his intent to voluntarily name the employer as the beneficiary.

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A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the requirements of §§ 58-16-3 to 58-16-6 , inclusive. However, an employee of a nonprofit charitable employer, may name the employer as the beneficiary of a policy of group life insurance; provided that the employee has furnished the insurer with a notarized statement, signed by the employee, certifying his intent to voluntarily name the employer as the beneficiary.