Rule 20:06:22:01 Types of renewal clauses.
20:06:22:01. Types of renewal clauses. For purposes of
§ 20:06:22:02, the types of renewal clauses are as follows:
(1) Optionally Renewable
(OR): renewal is at the option of the insurance company;
(2) Conditionally Renewable
(CR): renewable, but may be declined by class, by geographic area, or for
stated reasons other than deterioration of health;
(3) Guaranteed Renewable
(GR): renewal may not be declined by the insurance company for any reason, but
the insurance company may revise rates on a class basis;
(4) Noncancelable (NC):
renewal may not be declined nor may rates be revised by the insurance company.
16 SDR 208, effective June 3, 1990.
Authority: SDCL 58-4-1, 58-17-4.2.
Implemented: SDCL 58-17-4.2.
Back to 20:06:22