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State of South Dakota
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SEVENTY-SECOND
SESSION
LEGISLATIVE ASSEMBLY, 1997 |
| 418A0419 |
HOUSE BILL
NO.
1101
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| Introduced by: Representatives Brown (Richard), Barker, Broderick, Brooks, Fischer- Clemens, Gleason, Pederson (Gordon), and Schaunaman and Senators Rounds, Halverson, Lawler, Morford-Burg, Olson, and Shoener |
FOR 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 may 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 may include prohibitions on
certain marketing methods or may require disclosures of information to insureds or prospective
insureds. 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.
750 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.015 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated byoverstrikes.
Legislative Research Council at a cost of $.015 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by
