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HB 1101 to provide the director of insurance rule-making...

        
AN ACT

        ENTITLED, An Act  to provide the director of insurance rule-making authority to require proper disclosure and prohibit misrepresentation of life insurance policies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That chapter 58-33 be amended by adding thereto a NEW SECTION to read as follows:
     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.
An Act to provide the director of insurance rule-making authority to require proper disclosure and prohibit misrepresentation of life insurance policies.

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I certify that the attached Act originated in the

HOUSE as Bill No. 1101

____________________________
Chief Clerk
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____________________________
Speaker of the House

Attest:

____________________________
Chief Clerk

____________________________
President of the Senate

Attest:

____________________________
Secretary of the Senate

House Bill No. 1101
File No. ____
Chapter No. ______     =========================
Received at this Executive Office this ____ day of _____________ ,

19___ at _____ M.


By _________________________
for the Governor
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The attached Act is hereby approved this ________ day of ______________ , A.D., 19___

____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State

Filed ____________ , 19___
at _________ o'clock __ M.

____________________________
Secretary of State

By _________________________
Asst. Secretary of State