South Dakota Codified Laws 58-11A-2. Policies subject to chapter
This chapter applies to any policy delivered or issued for delivery in this state by any company on or after the date such forms must be approved under this chapter, but nothing in this chapter applies to:
(1) Any policy which is a security subject to federal jurisdiction;
Terms Used In South Dakota Codified Laws 58-11A-2
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
(2) Any group policy covering a group of one thousand or more lives at date of issue, other than a group credit life insurance policy or a group credit health insurance policy. However, this may not exempt any certificate issued pursuant to a group policy delivered or issued for delivery in this state;
(3) Any group annuity contract which serves as a funding vehicle for pension, profit–sharing, or deferred compensation plans;
(4) Any form used in connection with, as a conversion from, as an addition to or in exchange pursuant to a contractual provision for a policy delivered or issued for delivery on a form approved or permitted to be issued prior to the dates such forms must be approved under this chapter; or
(5) The renewal of a policy delivered or issued for delivery prior to the dates such forms must be approved under this chapter.
Source: SL 1981, ch 360, § 2.