South Dakota Codified Laws 58-15-43.9. Nonforfeiture interest rate
The nonforfeiture interest rate is:
(1) For policies issued prior to the operative date of the valuation manual, the nonforfeiture interest rate per annum for any policy issued in a particular calendar year is equal to one hundred twenty-five percent of the calendar year statutory valuation interest rate for the policy as defined in the standard valuation law, rounded to the nearer one quarter of one percent, provided that the nonforfeiture rate may not be less than four percent;
Terms Used In South Dakota Codified Laws 58-15-43.9
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(2) For policies issued on or after the operative date of the valuation manual the forfeiture interest rate per annum for any policy issued in a particular calendar year is provided by the valuation manual.
Source: SL 1982, ch 357, § 13; SL 2015, ch 254, § 42.