South Dakota Codified Laws 58-33-126. Using the credited interest rate as net return or misrepresenting mortality costs considered false, misleading, deceptive, or unfair
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The following acts or practices by an insurer or insurance producer are declared to be false, misleading, deceptive, or unfair:
(1) Using or describing the credited interest rate on a life insurance policy in a manner that implies that the credited interest rate is a net return on premium paid; or
Terms Used In South Dakota Codified Laws 58-33-126
- 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) Excluding individually issued annuities, misrepresenting the mortality costs of a life insurance product, including, stating, or implying that the product costs nothing or is free.
Source: SL 2008, ch 272, § 10.