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:
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.
An Act to provide the director of insurance rule-making authority to require proper disclosure and prohibit misrepresentation of life insurance policies.
I certify that the attached Act originated in the
HOUSE as
Bill
No.
1101
|
____________________________
Chief Clerk
Chief Clerk
____________________________
Speaker of the House
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
House
Bill
No.
1101
File No. ____
Chapter No. ______=========================
Received at this Executive Office this ____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this ____ day of _____________ ,
19___ at _____ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 19___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 19___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State