South Dakota Codified Laws 58-15-97. Semi-annual comparison of lapsed policies, annuity contracts, and retained asset accounts against updated DMF
Current as of: 2023 | Check for updates
|
Other versions
An insurer shall compare all in-force policies, annuity contracts, and retained asset accounts and policies that lapse in its records against any updates to the DMF on at least a semi-annual basis to identify potential matches of its insureds.
Terms Used In South Dakota Codified Laws 58-15-97
- 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, § 4.