South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:08 - Life insurance and annuities
Section 20:06:08:43 - Permissible exclusions
Current through Register Vol. 50, page 114, March 25, 2024
A life insurance policy may exclude the following:
(1) Foreign travel outside the North American continent if the policy specifically lists the countries for which benefits are excluded when traveling thereto. This exclusion may not include any state, territory, or possession of the United States. The foreign travel exclusion is only permissible for policies with a face value of at least 2 million dollars or for policyholders who qualify as an accredited investor pursuant to 17 C.F.R. § 230.501 (April 1, 2003) or for policyholders who qualify as a qualified purchaser pursuant to 15 U.S.C. § 80a-2(a) (51); and
(2) Death as a result of the insured committing a felony.
General Authority: SDCL 58-15-45.
Law Implemented: SDCL 58-15-45.
