South Dakota Codified Laws 58-33-119. Certain solicitations and sales excluded
Sections 58-33-117 to 58-33-130, inclusive, do not apply to solicitations or sales involving:
(1) Credit insurance;
Terms Used In South Dakota Codified Laws 58-33-119
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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
(2) Group life insurance or group annuities where there is no in-person, face-to-face solicitation of individuals by an insurance producer or where the contract or certificate does not include a side fund;
(3) An application to the existing insurer that issued the existing policy or contract if a contractual change or a conversion privilege is being exercised; or, if the existing policy or contract is being replaced by the same insurer pursuant to a program filed with and approved by the director; or, if a term conversion privilege is exercised among corporate affiliates;
(4) Individual stand-alone health policies, including disability income policies;
(5) Contracts offered by Servicemembers’ Group Life Insurance or Veterans’ Group Life Insurance;
(6) Life insurance contracts offered through or by a nonprofit military association, qualifying under Section 501 (c) (23) of the Internal Revenue Code (IRC) as of January 1, 2008, and which are not underwritten by an insurer; or
(7) Contracts used to fund:
(a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act as of January 1, 2008;
(b) A plan described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as of January 1, 2008, if established or maintained by an employer;
(c) A government or church plan defined in Section 414 of the IRC as of January 1, 2008, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under Section 457 of the IRC as of January 1, 2008;
(d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(e) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(f) Prearranged funeral contracts.
Source: SL 2008, ch 272, § 3; SL 2018, ch 278, § 3.