South Dakota § 58-33-119 Certain solicitations and sales excluded.

South Dakota Statutes

§ 58-33-119 — Certain solicitations and sales excluded.

South Dakota·Title 58 INSURANCE·Ch. 58-32 UNFAIR TRADE PRACTICES

Sections 58-33-117 to 58-33-130 , inclusive, do not apply to solicitations or sales involving:

(1)Credit insurance;

(2)Group life insurance or group annuities where there is no in-person, face-to-face solicitation of individuals by an insurance producer or where the contract or certificate does not include a side fund;

(3)An application to the existing insurer that issued the existing policy or contract if a contractual change or a conversion privilege is being exercised; or, if the existing policy or contract is being replaced by the same insurer pursuant to a program filed with and approved by the director; or, if a term conversion privilege is exercised among corporate affiliates;

(4)Individual stand-alone health policies, including disability income policies;

(5)Con

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Sections 58-33-117 to 58-33-130 , inclusive, do not apply to solicitations or sales involving: (1) Credit insurance; (2) Group life insurance or group annuities where there is no in-person, face-to-face solicitation of individuals by an insurance producer or where the contract or certificate does not include a side fund; (3) An application to the existing insurer that issued the existing policy or contract if a contractual change or a conversion privilege is being exercised; or, if the existing policy or contract is being replaced by the same insurer pursuant to a program filed with and approved by the director; or, if a term conversion privilege is exercised among corporate affiliates; (4) Individual stand-alone health policies, including disability income policies; (5) Contracts offered by Servicemembers' Group Life Insurance or Veterans' Group Life Insurance; (6) Life insurance contracts offered through or by a nonprofit military association, qualifying under Section 501 (c) (23) of the Internal Revenue Code (IRC) as of January 1, 2008, and which are not underwritten by an insurer; or (7) Contracts used to fund: (a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act as of January 1, 2008; (b) A plan described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as of January 1, 2008, if established or maintained by an employer; (c) A government or church plan defined in Section 414 of the IRC as of January 1, 2008, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under Section 457 of the IRC as of January 1, 2008; (d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; (e) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or (f) Prearranged funeral contracts.

South Dakota § 58-33-119 (Certain solicitations and sales excluded.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.