South Dakota § 58-28-24.1 Right of annuitant to cancel--Refund by insurer.

South Dakota Statutes

§ 58-28-24.1 — Right of annuitant to cancel--Refund by insurer.

South Dakota § 58-28-24.1

Title 58INSURANCE

Ch. 58-27SEPARATE LIFE INSURANCE AND ANNUITY ACCOUNTS

This text of South Dakota § 58-28-24.1 (Right of annuitant to cancel--Refund by insurer.) 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 § 58-28-24.1 (2026).

Text

Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, it may be surrendered to the insurer together with a written request for cancellation of the contract and in such event, the insurer will pay to the contract owner an amount equal to the sum of:

(1)The difference between the premiums paid and the amounts, if any, allocated to any separate accounts under the contract; and (2) The cash value of the contract on the date of surrender attributable to the amounts so allocated.

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Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, it may be surrendered to the insurer together with a written request for cancellation of the contract and in such event, the insurer will pay to the contract owner an amount equal to the sum of: (1) The difference between the premiums paid and the amounts, if any, allocated to any separate accounts under the contract; and (2) The cash value of the contract on the date of surrender attributable to the amounts so allocated.