20:06:13:28.  Delivery of buyer's guide. A policy sold through an agent shall include a buyer's guide at the time of application. The agent shall obtain a signed acknowledgment of receipt from the applicant. The insurer shall maintain the acknowledgment of receipt on file for five years. The insurer shall make the file, in whole or part, accessible to the division on request.

          Direct response insurers shall deliver a buyer's guide to the applicant upon request. The offer to provide a buyer's guide to the applicant shall be in writing on the application unless a buyer's guide is delivered to all insured. A requested buyer's guide may not be delivered later than the time of delivery of the policy.

          Delivery of the buyer's guide shall be made whether or not such policies or certificates are advertised, solicited, or issued as Medicare supplement policies or certificates as defined in this chapter. Except for direct response issuers, delivery of the buyer's guide shall be made to the applicant at the time of application and acknowledgment of receipt of the buyer's guide shall be obtained by the issuer. Direct response issuers shall deliver the buyer's guide to the applicant upon request, but not later than at the time the policy is delivered.

          Source: 8 SDR 174, effective July 1, 1982; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 18 SDR 225, effective July 17, 1992; 36 SDR 209, effective July 1, 2010.

          General Authority: SDCL 58-17A-6.

          Law Implemented: SDCL 58-17A-6.