58-28-32. Deferment of variable death benefits payment--Time period--State of emergency.
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/sd/title-58/chapter-58-28/58-28-32·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except if variable death benefits are used to pay premiums, the payment of variable death benefits in excess of any minimum death benefits, cash values, policy loans, or partial withdrawals, or the payment of variable death benefits in excess of any partial surrenders, may be deferred either:
(1)For up to six months from the date of the request, if the payments are based on policy values that do not depend on the investment performance of the separate account; or
(2)For any period during which the New York stock exchange is closed for trading, except for normal holiday closing, or for any period during which the securities and exchange commission determines that a state of emergency exists which may make such payment impractical.