South Dakota Codified Laws 58-11-62. Notice of intent to cease marketing block of business–What constitutes cessation ofmarketing block of business
No insurer may cease marketing a block of business in this state unless, at least ninety days prior to the cessation of marketing, the insurer submits to the director written notice of the intent to cease marketing, including a statement of the facts and causes for cessation. Cessation of marketing a block of business includes discontinuing selling insurance as defined in chapter 58-9 as follows:
(1) All lines or any one line;
Terms Used In South Dakota Codified Laws 58-11-62
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) All policies under one policy form;
(3) All individual or group policies; or
(4) All commercial or personal policies.
The director may, upon request, waive any portion of the ninety–day notice period required by this section if the director determines that the insurer could not have reasonably complied with the notice requirement.
Source: SL 1991, ch 399.