<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-15-15.13 - Private placement policy defined. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074759Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074759SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074759CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074759Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074759DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2074759Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2074759000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074759SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074759SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2074759Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-15.13"><span class="s2074759SENU">58-15-15.13</span></a><span xml:space="preserve" class="s2074759SENU">. </span><span class="s2074759CL">Private placement policy defined.</span></p><p dir="ltr" class="s2074759Normal-000000"><span class="s2074759DefaultParagraphFont">A private placement policy is a variable annuity contract or a variable life insurance policy that is:</span></p><p dir="ltr" class="s2074759Normal-000001"><span class="s2074759DefaultParagraphFont">(1)    Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and</span></p><p dir="ltr" class="s2074759Normal-000001"><span class="s2074759DefaultParagraphFont">(2)    Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.</span></p><p dir="ltr" class="s2074759Normal"><span xml:space="preserve" class="s2074759000002"> </span></p><p dir="ltr" class="s2074759Normal"><span class="s2074759SCL">Source:</span><span xml:space="preserve" class="s2074759SCL-000003"> SL 2006, ch 252, § 1; SL 2014, ch 229, § 2.</span></p></div></body></html>