58-10-17. Creation of entity to purchase, hold, or administer insurance contract on life of individual settlor.
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/sd/title-58/chapter-58-10/58-10-17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person who has an insurable interest in the life of an individual settlor pursuant to subdivisions 58-10-4(1) to (6), may create an entity solely for the purpose of purchasing, holding, or administering an insurance contract on the life of the individual settlor. Neither an insurance policy issued to the entity nor any ownership interest in the entity itself may be sold or voluntarily transferred to any entity other than one with an insurable interest in the life of the same individual settlor pursuant to subdivisions 58-10-4(1) to (6). For purposes of this section, entity, has the same meaning as the definition of, person, in subdivision 58-1-2(14).