AN ACT
ENTITLED, An Act to provide that incontestability provisions in certain life insurance policies do
not apply in cases of fraud.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 58-16-35 be amended to read as follows:
58-16-35. A policy of group life insurance shall contain a provision that the validity of the policy may not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to the person's insurability may be used in contesting the validity of the insurance with respect to which such statement was made, after such insurance has been in force prior to the contest for a period of two years during such person's lifetime. No statement made by the group policyholder or any person insured under the group policy may be contested unless it is contained in a written instrument signed by that person. The two-year limitation for contesting the validity of the insurance for any person insured under the policy does not apply to fraud on the part of the applicant or insured.
Section 2. That § 58-15-10 be amended to read as follows:
58-15-10. There shall be a provision that the policy, exclusive of provisions relating to health benefits or to additional benefits in the event of death by accident or accidental means, is incontestable, except for nonpayment of premiums or fraud on the part of the applicant or insured, after it has been in force during the lifetime of the insured for a period of two years from its date of issue.
An Act to provide that incontestability provisions in certain life insurance policies do not apply in cases of fraud.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 58-16-35 be amended to read as follows:
58-16-35. A policy of group life insurance shall contain a provision that the validity of the policy may not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to the person's insurability may be used in contesting the validity of the insurance with respect to which such statement was made, after such insurance has been in force prior to the contest for a period of two years during such person's lifetime. No statement made by the group policyholder or any person insured under the group policy may be contested unless it is contained in a written instrument signed by that person. The two-year limitation for contesting the validity of the insurance for any person insured under the policy does not apply to fraud on the part of the applicant or insured.
Section 2. That § 58-15-10 be amended to read as follows:
58-15-10. There shall be a provision that the policy, exclusive of provisions relating to health benefits or to additional benefits in the event of death by accident or accidental means, is incontestable, except for nonpayment of premiums or fraud on the part of the applicant or insured, after it has been in force during the lifetime of the insured for a period of two years from its date of issue.
An Act to provide that incontestability provisions in certain life insurance policies do not apply in cases of fraud.
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I certify that the attached Act originated in the
HOUSE as Bill No. 1206
____________________________
Chief Clerk ____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
____________________________
Attest:
____________________________
Secretary of the Senate
House Bill No. 1206 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
