Rule 20:06:13:86.01 Exchanging of standardized plan -- Age rate schedule.
20:06:13:86.01. Exchanging of standardized plan -- Age rate
schedule. An issuer need not provide justification to the director if the
insured replaces a 1990 Standardized policy or certificate with an issue age
rated 2010 Standardized policy or certificate at the insured's original issue
age. If an insured's policy or certificate to be replaced is priced on an issue
age rate schedule at the time of such offer, the rate charged to the insured
for the new exchanged policy shall recognize the policy reserve buildup, due to
the pre-funding inherent in the use of an issue age rate basis, for the benefit
of the insured. The method proposed to be used by an issuer must be submitted
with the director through the System for Electronic Rate and Form filing,
35 SDR 183, effective February 2, 2009.
Authority: SDCL 58-17A-2.
Implemented: SDCL 58-17A-2.
System for Electronic Rate and Form Filing, SERFF. Copies of industry manuals
may be obtained from National Association of Insurance Commissioners, 2301
McGee Street, Suite 800, Kansas City, Missouri, 64108-2604, http://www.serff.org/index.htm.
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