Rule 20:06:21:39 Disclosure of tax consequences.
20:06:21:39. Disclosure of tax consequences. Life
insurance policies which provide an accelerated benefit for long-term care must
have a disclosure statement at the time of application for the policy or rider
and at the time the accelerated benefit payment request is submitted that
receipt of these accelerated benefits may be taxable and that assistance should
be sought from a personal tax advisor. The disclosure statement must be
prominently displayed on the first page of the policy or rider and any other
23 SDR 55, effective October 20, 1996.
Authority: SDCL 58-17B-4.
Implemented: SDCL 58-17B-4, 58-17B-10.
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