Rule 20:06:21:23 Disclosure of renewability.
20:06:21:23. Disclosure of renewability.
Individual long-term care insurance policies shall contain a renewability provision. The provision must be captioned,
must appear on the first page of the policy, and must clearly state the
duration, where limited, of renewability and the
duration of the term of coverage for which the policy is issued and for which
it may be renewed.
This section does not apply to
policies under which the right to nonrenew is
reserved solely to the policyholder and which do not contain a renewability provision. This paragraph applies to long-term
care policies which are part of or combined with life insurance policies which
do not contain renewability provisions.
22 SDR 97, effective December 18, 1995.
Authority: SDCL 58-17B-4.
Implemented: SDCL 58-17B-10.
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