South Dakota Codified Laws 58-28-13. Life insurers authorized to establish separate accounts–Allocations to provide insurance or annuities
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A domestic life insurer, including for the purposes of this chapter all domestic fraternal beneficiary associations, societies or companies which operate on a legal reserve basis may establish one or more separate accounts, and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts or both, subject to §§ 58-28-14 to 58-28-22, inclusive.
Terms Used In South Dakota Codified Laws 58-28-13
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Source: SL 1966, ch 111, ch 6, § 36 (2); § 36 (1) as amended by SL 1967, ch 131; SDCL, § 58-28-1; SL 1971, ch 266, § 1.