58-19-3 Life and health insurance connected with credit transactions subject to chapter--Exception...
Life and health insurance connected with credit transactions subject to chapter--Exceptions.
All life insurance and all health insurance in connection with loans or other credit
transactions shall be subject to the provisions of this chapter, except such insurance in connection
with a loan or other credit transaction of more than ten years' duration; nor shall insurance be subject
to the provisions of this chapter where the issuance of such insurance is an isolated transaction on
the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.
Source: SL 1966, ch 111, ch 27, § 2 (2); SL 1970, ch 271.