58-15-23. Participating policies--Annual dividends, ascertainment, and apportionment.
61 words·~1 min read·
/sd/title-58/chapter-58-15/58-15-23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy provided the policy is in force and all premiums to that date are paid.