South Dakota § 58-28-33 Promulgation of rules relating to variable life insurance policies--Uniformity--Limitations.

South Dakota Statutes

§ 58-28-33 — Promulgation of rules relating to variable life insurance policies--Uniformity--Limitations.

South Dakota·Title 58 INSURANCE·Ch. 58-27 SEPARATE LIFE INSURANCE AND ANNUITY ACCOUNTS

The director may promulgate rules pursuant to chapter 1-26 relating to variable life insurance policies. In promulgating the rules, the director shall give substantial consideration to the standards contained in the National Association of Insurance Commissioners (NAIC) Variable Life Insurance Model Regulation and otherwise design the rules to achieve uniformity, to the degree reasonably possible, in the standards for variable life insurance. The rules shall be limited to the following:

(1)Standards for suitability of sales and sales materials;

(2)Policy benefit and design requirements;

(3)Establishment and administration of separate accounts;

(4)Disclosure requirements; and (5) Definition of terms.

Free access — add to your briefcase to read the full text and ask questions with AI

The director may promulgate rules pursuant to chapter 1-26 relating to variable life insurance policies. In promulgating the rules, the director shall give substantial consideration to the standards contained in the National Association of Insurance Commissioners (NAIC) Variable Life Insurance Model Regulation and otherwise design the rules to achieve uniformity, to the degree reasonably possible, in the standards for variable life insurance. The rules shall be limited to the following: (1) Standards for suitability of sales and sales materials; (2) Policy benefit and design requirements; (3) Establishment and administration of separate accounts; (4) Disclosure requirements; and (5) Definition of terms.

South Dakota § 58-28-33 (Promulgation of rules relating to variable life insurance policies--Uniformity--Limitations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.