South Dakota Codified Laws 58-17B-2. Definition of terms
Terms used in this chapter mean:
(1) “Applicant,”
Terms Used In South Dakota Codified Laws 58-17B-2
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
- Trustee: A person or institution holding and administering property in trust.
(a) In the case of an individual long-term care insurance policy, the person who seeks to contract for benefits; and
(b) In the case of a group long-term care insurance policy, the proposed certificate holder;
(2) “Certificate,” any certificate issued under a group long-term care insurance policy, which policy has been delivered or issued for delivery in this state;
(3) “Director,” the director of the Division of Insurance in this state;
(4) “Group long-term care insurance,” a long-term care insurance policy which is delivered or issued for delivery in this state and issued to:
(a) One or more employers or labor organizations, or to a trust or to the trustees of a fund established by one or more employers or labor organizations, or a combination thereof, for employees or former employees or a combination thereof or for members or former members or a combination thereof, of the labor organizations; or
(b) Any professional, trade, or occupational association for its members or former or retired members, or combination thereof, if such association:
(i) Is composed of individuals all of whom are or were actively engaged in the same profession, trade or occupation; and
(ii) Has been maintained in good faith for purposes other than obtaining insurance; or
(c) An association or a trust or the trustee of a fund established, created, or maintained for the benefit of members of one or more associations. Prior to advertising, marketing, or offering such policy within this state, the association or associations, or the insurer of the association or associations, shall file evidence with the director that the association or associations have at the outset a minimum of one hundred persons and have been organized and maintained in good faith for purposes other than that of obtaining insurance; have been in active existence for at least one year; and have a constitution and bylaws which provide that:
(i) The association or associations hold regular meetings not less than annually to further purposes of the members;
(ii) Except for credit unions, the association or associations collect dues or solicit contributions from members; and
(iii) The members have voting privileges and representation on the governing board and committees.
Thirty days after such filing the association or associations will be considered to have satisfied such organizational requirements, unless the director makes a finding that the association or associations have not satisfied those organizational requirements.
(d) A group other than as described in this section subject to a finding by the director that:
(i) The issuance of the group policy is not contrary to the best interest of the public;
(ii) The issuance of the group policy would result in economies of acquisition or administration; and
(iii) The benefits are reasonable in relation to the premiums charged;
(5) “Guaranteed renewable,”
(a) The insured has the right to continue the long-term care insurance in force by the timely payment of premiums; and