South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:21 - Long-term care insurance
Section 20:06:21:53.01 - Suitability standards
Current through Register Vol. 50, page 114, March 25, 2024
Every insurer, health care service plan or other entity marketing long-term care insurance, all referred to as the "issuer", shall:
(1) Develop and use suitability standards to determine whether the purchase or replacement of long-term care insurance is appropriate for the needs of the applicant;
(2) Train its agents in the use of its suitability standards; and
(3) Maintain a copy of its suitability standards and make them available for inspection upon request by the director.
To determine if the applicant meets the suitability standards developed by the issuer, as required by this section, the agent and issuer shall develop procedures that consider the following:
General Authority: SDCL 58-17B-4.
Law Implemented: SDCL 58-17B-4.