58-19-34. Promulgation of rules by director--Purpose and scope.
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/sd/title-58/chapter-58-19/58-19-34·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director may promulgate rules pursuant to chapter 1-26 as deemed appropriate for the supervision of this chapter. The rules may cover any type of credit insurance including credit life, credit health, credit unemployment, and credit property insurance, including guaranteed automobile protection. The rules shall be designed to protect the insurance buying public from discriminatory rating and underwriting and claims practices, from being charged excessive rates, and from requirements to purchase credit insurance when purchasing goods and services. The rules may cover the following areas:
(1)Definition of terms;
(2)Filing requirements;
(3)The setting of loss ratios and prima facie rates;
(4)Underwriting criteria;
(5)Sales and marketing practices;
(6)Minimum benefit standards;
(7)Permissible exclusions;
(8)Claims practices; and
(9)Disclosure requirements.