South Dakota Codified Laws 58-15-15.13. Private placement policy defined
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A private placement policy is a variable annuity contract or a variable life insurance policy that is:
(1) Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and
Terms Used In South Dakota Codified Laws 58-15-15.13
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Statute: A law passed by a legislature.
(2) Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.
Source: SL 2006, ch 252, § 1; SL 2014, ch 229, § 2.