20:06:38:04. Information required in illustration. An illustration used in the sale of a life insurance policy must satisfy the applicable requirements of this chapter, be clearly labeled “life insurance illustration,” and contain the following basic information:
(1) The name of the insurer;
(2) The name and business address of the agent or the insurer’s authorized representative, if any;
(3) The name, age, and sex of the proposed insured, unless a composite illustration is permitted under this chapter;
(4) The underwriting or rating classification on which the illustration is based;
(5) The generic name of the policy, the company product name, if different, and the form number;
(6) The initial death benefit; and
(7) The dividend option election or application of nonguaranteed elements, if applicable.
Source: 23 SDR 228, effective July 1, 1997.
General Authority: SDCL 58-33-5.1.
Law Implemented: SDCL 58-33-5.1.
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