Nothing in §§ 58-33-14 and 58-33-15 shall be construed as including within the definition of discrimination or rebates, in the case of any contract of life insurance or life annuity, paying bonuses to policyholders or otherwise abating their premiums in whole or in part out of surplus accumulated from nonparticipating insurance, provided that any such bonuses, or abatement of premiums shall be fair and equitable to policyholders and for the best interests of its policyholders.
S.D. Codified Laws § 58-33-17
Bonus to policyholder from accumulated surplus on life or annuity policy not discrimination or rebate
Known as the Unauthorized Insurers False Advertising Process Act
The act spans §§ 58–58 (145 sections).
Source: SL 1966, ch 111, ch 13, § 15 (1).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.