58-15-82. Uniform life insurance and annuity request forms--Director to adopt by rule--Insurers to accept.
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/sd/title-58/chapter-58-15/58-15-82·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a policyholder has made a request to cash surrender, to obtain maximum policy loans, or to make an Internal Revenue Code Section 1035 exchange under a life insurance or an annuity policy, the insurer shall forward to the policyholder or the policyholder's insurance producer, within thirty calendar days of receiving the request for the form, any required form to accomplish such transaction. If the insurer does not do so, the policyholder may utilize a uniform life insurance or annuity form for such purpose.
The director shall adopt the uniform life insurance and annuity forms by rules promulgated pursuant to chapter 1-26 . If the insurer has failed to submit its form to the policyholder or the policyholder's insurance producer within the time period required by this section, the insurer shall accept the uniform form as adopted by the director and may not require the use of any additional form.