58-11A-2. Policies subject to chapter.
197 words·~1 min read·
/sd/title-58/chapter-58-11/58-11a-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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;
(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.