<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 58-28-24.1 - Right of annuitant to cancel--Refund by insurer. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2076033Normal { 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.s2076033SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2076033CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2076033Normal-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.s2076033DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2076033Normal-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.s2076033000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2076033SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2076033SCL-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="s2076033Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-28-24.1"><span class="s2076033SENU">58-28-24.1</span></a><span xml:space="preserve" class="s2076033SENU">. </span><span class="s2076033CL">Right of annuitant to cancel--Refund by insurer.</span></p><p dir="ltr" class="s2076033Normal-000000"><span class="s2076033DefaultParagraphFont">Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, it may be surrendered to the insurer together with a written request for cancellation of the contract and in such event, the insurer will pay to the contract owner an amount equal to the sum of:</span></p><p dir="ltr" class="s2076033Normal-000001"><span class="s2076033DefaultParagraphFont">(1)    The difference between the premiums paid and the amounts, if any, allocated to any separate accounts under the contract; and</span></p><p dir="ltr" class="s2076033Normal-000001"><span class="s2076033DefaultParagraphFont">(2)    The cash value of the contract on the date of surrender attributable to the amounts so allocated.</span></p><p dir="ltr" class="s2076033Normal"><span xml:space="preserve" class="s2076033000002"> </span></p><p dir="ltr" class="s2076033Normal"><span class="s2076033SCL">Source:</span><span xml:space="preserve" class="s2076033SCL-000003"> SL 1978, ch 361, § 1.</span></p></div></body></html>