There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 43-41B-7 — Funds owing under life insurance.
43-41B-7. Funds owing under life insurance. (a) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than four years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (c)(2) is presumed abandoned if unclaimed for more than four years. (b) If a
person other than the insured or annuitant is entitled to the funds
and an address of the person is not known to the company or it is
not definite and certain from the records of the company who is
entitled to the funds, it is presumed that the last known address
of the person entitled to the funds is the same as the last known
address of the insured or annuitant according to the records of the
company.
(c) For
purposes of this chapter, a life or endowment insurance policy or
annuity contract not matured by actual proof of the death of the
insured or annuitant according to the records of the company is
matured and the proceeds due and payable if:
(1) The company knows that the insured or
annuitant has died; or
(2)(i) The insured has attained, or would
have attained if he were living, the limiting age under the
mortality table on which the reserve is based;
(ii) The policy was in force at the time
the insured attained, or would have attained, the limiting age
specified in subparagraph (i); and
(iii) Neither the insured nor any other
person appearing to have an interest in the policy within the
preceding four years, according to the records of the company, has
assigned, readjusted, or paid premiums on the policy, subjected the
policy to a loan, corresponded in writing with the company
concerning the policy, or otherwise indicated an interest as
evidenced by a memorandum or other record on file prepared by an
employee of the company.
(d) For
purposes of this chapter, the application of an automatic premium
loan provision or other nonforfeiture provision contained in an
insurance policy does not prevent a policy from being matured or
terminated under subsection (a) if the insured has died or the
insured or the beneficiary of the policy otherwise has become
entitled to the proceeds thereof before the depletion of the cash
surrender value of a policy by the application of those
provisions.
(e) If the
laws of this state or the terms of the life insurance policy
require the company to give notice to the insured or owner that an
automatic premium loan provision or other nonforfeiture provision
has been exercised and the notice, given to an insured or owner
whose last known address according to the records of the company is
in this state, is undeliverable, the company shall make a
reasonable search to ascertain the policyholder's correct address
to which the notice must be mailed.
(f)
Notwithstanding any other provision of law, if the company learns
of the death of the insured or annuitant and the beneficiary has
not communicated with the insurer within four months after the
death, the company shall take reasonable steps to pay the proceeds
to the beneficiary.
(g)
Commencing on July 1, 1994, every change of beneficiary form issued
by an insurance company under any life or endowment insurance
policy or annuity contract to an insured or owner who is a resident
of this state must request the following information:
(1) The name of each beneficiary, or if a
class of beneficiaries is named, the name of each current
beneficiary in the class;
(2) The address of each beneficiary;
and
(3) The relationship of each beneficiary
to the insured.
Source: SL 1992, ch 312, § 7.
Source: SL 1992, ch 312, § 7.
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