58-33-119. Certain solicitations and sales excluded.
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/sd/title-58/chapter-58-33/58-33-119·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sections 58-33-117 to 58-33-130 , inclusive, do not apply to solicitations or sales involving:
(1)Credit insurance;
(2)Group life insurance or group annuities where there is no in-person, face-to-face solicitation of individuals by an insurance producer or where the contract or certificate does not include a side fund;
(3)An application to the existing insurer that issued the existing policy or contract if a contractual change or a conversion privilege is being exercised; or, if the existing policy or contract is being replaced by the same insurer pursuant to a program filed with and approved by the director; or, if a term conversion privilege is exercised among corporate affiliates;
(4)Individual stand-alone health policies, including disability income policies;
(5)Contracts offered by Servicemembers' Group Life Insurance or Veterans' Group Life Insurance;
(6)Life insurance contracts offered through or by a nonprofit military association, qualifying under Section 501
(23)of the Internal Revenue Code
(IRC)as of January 1, 2008, and which are not underwritten by an insurer; or
(7)Contracts used to fund:
(a)An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act as of January 1, 2008;
(b)A plan described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as of January 1, 2008, if established or maintained by an employer;
(c)A government or church plan defined in Section 414 of the IRC as of January 1, 2008, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under Section 457 of the IRC as of January 1, 2008;
(d)A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(e)Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(f)Prearranged funeral contracts.