20:06:22:01. Types of renewal clauses. For purposes of § 20:06:22:02, the types of renewal clauses are as follows:
(1) Optionally Renewable (OR): renewal is at the option of the insurance company;
(2) Conditionally Renewable (CR): renewable, but may be declined by class, by geographic area, or for stated reasons other than deterioration of health;
(3) Guaranteed Renewable (GR): renewal may not be declined by the insurance company for any reason, but the insurance company may revise rates on a class basis;
(4) Noncancelable (NC): renewal may not be declined nor may rates be revised by the insurance company.
Source: 16 SDR 208, effective June 3, 1990.
General Authority: SDCL 58-4-1, 58-17-4.2.
Law Implemented: SDCL 58-17-4.2.
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