South Dakota Codified Laws 58-15-100. Requirements upon receipt of information establishing knowledge of death
Upon receipt of information establishing knowledge of death, the insurer shall check its records to determine whether the insurer has any other policies, annuity contracts, or retained asset accounts for that insured.
Upon receipt of information establishing knowledge of death of an insured, the insurer shall notify each United States affiliate, parent or subsidiary, as appropriate, and any entity with which the insurer contracts that may maintain or control records related to policies, annuity contracts, or retained asset accounts to which §§ 58-15-94 to 58-15-108, inclusive, apply, of the knowledge of death or match, and make a reasonable and good faith effort to ensure that each affiliate, parent or subsidiary, or other entity performs a check of their records.
Terms Used In South Dakota Codified Laws 58-15-100
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Source: SL 2018, ch 280, § 7.