South Dakota § 58-29D-7 Status of payment of premiums and return premiums or claim payments to administrator.

South Dakota Statutes

§ 58-29D-7 — Status of payment of premiums and return premiums or claim payments to administrator.

South Dakota·Title 58 INSURANCE·Ch. 58-29A REGULATION OF LIFE AND HEALTH ADMINISTRATORS

If an insurer utilizes the services of an administrator, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured party shall be deemed to have been received by the insurer, and the payment of return premiums or claim payments forwarded by the insurer to the administrator may not be deemed to have been paid to the insured party or claimant until such payments are received by the insured party or claimant. Nothing in this section limits any right of the insurer against the administrator resulting from the failure of the administrator to make payments to the insurer, insured parties or claimants.

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If an insurer utilizes the services of an administrator, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured party shall be deemed to have been received by the insurer, and the payment of return premiums or claim payments forwarded by the insurer to the administrator may not be deemed to have been paid to the insured party or claimant until such payments are received by the insured party or claimant. Nothing in this section limits any right of the insurer against the administrator resulting from the failure of the administrator to make payments to the insurer, insured parties or claimants.

South Dakota § 58-29D-7 (Status of payment of premiums and return premiums or claim payments to administrator.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.