2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance
§ 58-33A-15 Exemptions from requirements.
58-33A-15. Exemptions from requirements. Unless otherwise specifically included, §§ 58-33A-13 to 58-33A-27, inclusive, do not apply to any recommendation involving:
(1) A direct response solicitation if there is no recommendation based on information collected from the consumer pursuant to §§ 58-33A-13 to 58-33A-27, inclusive; or
(2) Any contract used to fund:
(a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);
(b) A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as of January 1, 2008, if established or maintained by an employer;
(c) A government or church plan defined in section 414 of the IRC as of January 1, 2008, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC as of January 1, 2008;
(d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(e) A settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(f) A formal prepaid funeral contract.
The director may, by rules promulgated pursuant to chapter 1-26, adopt revisions of the Internal Revenue Code which are in substantial compliance with the intent of subsections (b) and (c) of this section.
Source: SL 2008, ch 273, § 3.
