58-24-45. Regulation of payment of dividends, savings, or unabsorbed premium deposits prohibited.

No rating organization may adopt any rule the effect of which would prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.

Source: SL 1966, ch 111, ch 15, § 6 (3); SL 2014, ch 239, § 11.

58-24-45.1. Group insurance marketing permitted--Conditions.

An insurer may market insurance through a group insurance or mass marketing plan, franchise, or blanket policy for any line of insurance regulated under this chapter if:

(1)    The insured group was not formed solely for the purpose of purchasing insurance; and

(2)    The premium is paid or collected by:

(a)    An employer, labor union, or the trustee of a fund established by the employer or labor union;

(b)    The trustee of a fund established by two or more employers in the same industry, or related industries;

(c)    Two or more labor unions or an association which have been in existence for one or more years and which have a constitution and bylaws; or

(d)    A wireless telecommunications provider from its customers and the premium is for insurance covering wireless telecommunications equipment.

Source: SL 1979, ch 341, § 12; SL 2008, ch 270, § 1; SL 2014, ch 239, § 12.