§ 58-33A-15 — Exemptions from requirements.

South Dakota § 58-33A-15

• Jurisdiction: South Dakota
• Title 58: INSURANCE
• Ch. 58-32: STANDARDS FOR ADVERTISEMENT, SOLICITATION, AND SALE OF LIFE AND HEALTH INSURANCE

Text

Unless otherwise specifically included, §§ 58-33A-13 to 58-33A-27 , inclusive, do not apply to any transactions involving: (1) A direct response solicitation if there is no recommendation based on information collected from the consumer pursuant to §§ 58-33A-13 to 58-33A-27 , inclusive; or (2) Any contract used to fund: (a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA); (b) A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as of January 1, 2023, if established or maintained by an employer; (c) A government or church plan defined in section 414 of the IRC as of January 1, 2023, 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, 2023; or (d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; (3) A settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or (4) A formal prepaid funeral contract. The director may, by rules promulgated pursuant to chapter 1-26 , adopt revisions of the Internal Revenue Code which are in substantial compliance with the intent of subsections (b) and (c) of this section.

Legislative History

SL 2008, ch 273, § 3; SL 2022, ch 186, § 3, eff. Jan. 1, 2023.