The director of insurance shall promulgate rules pursuant to chapter 1-26 to promote the proper disclosure of the terms and conditions of life insurance policies and to prohibit the misrepresentation of life insurance policies through the establishment of minimum standards for the advertisement and solicitation of life insurance. The rules shall provide for illustration formats, prescribe standards to be followed when illustrations are used, and specify the disclosures that are required in connection with illustrations. In setting the standards, the director shall consider the models adopted by the National Association of Insurance Commissioners, including the Life Insurance Illustrations Model Regulation.
S.D. Codified Laws § 58-33-5.1
Rules to promote proper disclosure of terms and conditions of life insurance policies
Known as the Unauthorized Insurers False Advertising Process Act
The act spans §§ 58-33-1 to 58-33-99 (145 sections).
Source: SL 1997, ch 296, § 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.