58-17A-8. Notice of right to return and right to premium refund printed in medicare supplement policies and certificates--Payment of refund.

Medicare supplement policies and certificates shall have a notice prominently printed on the first page of the policy or attached thereto stating in substance that the applicant shall have the right to return the policy or certificate within thirty days of its delivery and to have the premium refunded if, after examination of the policy or certificate, the applicant is not satisfied for any reason.

Any refund made pursuant to this section shall be paid directly to the applicant by the issuer within thirty days of receipt of the returned policy.

Source: SL 1982, ch 360, § 8; SL 1989, ch 431, § 8; SL 1992, ch 347, § 9.



SDLRC - Codified Law 58-17A-8 - Notice of right to return and right to premium refund printed in medicare supplement policies and certificates--Payment of refund.

58-17A-8.1. Issuance of policies by insurance company, nonprofit hospital service plan, medical service corporation, or fraternal benefit society--Delivery receipts--Certificates of mailing--Term of retention.

An issuer shall issue policies in this state for which an examination period is required in accordance with one of the following methods:

(1)    If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;

(2)    If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.

The receipts and the certificates of mailing described in this section shall be retained by the issuer for five years. If a producer obtains the delivery receipt, the producer shall forward the signed delivery receipt to the insurer.

Source: SL 1982, ch 28, § 18; SL 1987, ch 374, § 4; SL 1992, ch 347, § 10; SL 2001, ch 286, § 120; SL 2003, ch 249, § 1.