58-15-15.13. Private placement policy defined.
82 words·~1 min read·
/sd/title-58/chapter-58-15/58-15-15-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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
(2)Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.