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27-14-8
Section 27-14-8 Forms - Filing and approval or disapproval. (a) No basic insurance policy or
annuity contract form or application form where written application is required and is to
be made a part of the policy, or contract, or printed rider, or endorsement form or form of
renewal certificate shall be delivered or issued for delivery in this state unless the form
has been filed with, and approved by, the commissioner. This subsection shall not apply to
surety bonds or to specially rated inland marine risks, nor to policies, riders, endorsements,
or forms of unique character designed for, and used with, relation to insurance upon a particular
subject or which relate to the manner of distribution of benefits or to the reservation of
rights and benefits under life or disability insurance policies and are used at the request
or with the consent of the individual policyholder, contract holder, or certificate holder.
As to group insurance policies effectuated and delivered outside this...
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27-15-82
Section 27-15-82 Exceptions. This article shall not apply to any of the following: (1) Reinsurance.
(2) Group insurance. (3) Pure endowment. (4) Annuity or reversionary annuity contract. (5)
Variable life insurance contract. (6) A term policy of uniform amount, which provides no guaranteed
nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less, expiring before
age 71, for which uniform premiums are payable during the entire term of the policy. (7) A
term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment
benefits, on which each adjusted premium, calculated as specified in Sections 27-15-75, 27-15-76,
27-15-77, and 27-15-78, is less than the adjusted premium so calculated on a term policy of
uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment
benefits, issued at the same age and for the same initial amount of insurance and for a term
of 20 years or less, expiring before age 71, for which...
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27-12-13
Section 27-12-13 Life, annuity, and disability insurance - Exceptions to discrimination, rebates,
or special inducements. Nothing in Sections 27-12-11 and 27-12-12 shall be construed as including
within the definition of discrimination, rebates, or special inducements any of the following
practices: (1) In the case of any contract of life insurance or annuity, paying bonuses to
policyholders or otherwise abating their premiums in whole or in part out of surplus accumulated
from nonparticipating insurance, provided, that any such bonuses or abatement of premiums
is fair and equitable to policyholders and for the best interests of the insurer and its policyholders;
(2) In the case of life or disability insurance policies issued on the industrial debit or
weekly premium plan, making allowance to policyholders who have continuously for a specified
period made premium payments directly to an office of the insurer in an amount which fairly
represents the saving in collection expense; (3)...
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27-14-5
Section 27-14-5 Power to contract; purchase of insurance by or for minors. (a) Any person of
competent legal capacity may contract for insurance. (b) Any minor of the age of 15 years
or more, as determined by the nearest birthday, may, notwithstanding his minority, contract
for annuities, or for insurance upon his own life, body, health, property, liabilities, or
other interests or on the person of another in whom the minor has an insurable interest. Such
a minor shall, notwithstanding such minority, be deemed competent to exercise all rights and
powers with respect to, or under: (1) Any contract for annuity or for insurance upon his own
life, body, or health; or (2) Any contract such minor effected upon his own property, liabilities,
or other interests or on the person of another, as might be exercised by a person of full
legal age, and may at any time surrender his interest in any such contracts and give valid
discharge for any benefit accruing or money payable thereunder. Such a...
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27-15-23
Section 27-15-23 Standard provisions in contracts for reversionary annuities. (a) Except as
stated in this section, no contract for a reversionary annuity shall be delivered or issued
for delivery in this state unless it contains in substance each of the following provisions:
(1) Any such reversionary annuity contract shall contain the provisions specified in Sections
27-15-17 through 27-15-21 except that under Section 27-15-20 the insurer may at its option
provide for an equitable reduction of the amount of the annuity payments in settlement of
an overdue or deferred payment in lieu of providing for deduction of such payments from an
amount payable upon settlement under the contract; and (2) In such reversionary annuity contracts,
there shall be a provision that the contract may be reinstated at any time within three years
from the date of default in making stipulated payments to the insurer upon production of evidence
of insurability satisfactory to the insurer and upon condition...
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27-1-2
Section 27-1-2 Definitions. For the purposes of this title, the following terms shall have
the meanings respectively ascribed to them by this section. (1) INSURANCE. A contract whereby
one undertakes to indemnify another or pay or provide a specified amount or benefit upon determinable
contingencies. (2) INSURER. Every person engaged as indemnitor, surety, or contractor in the
business of entering into contracts of insurance. (3) PERSON. An individual, insurer, company,
association, organization, Lloyd's insurer, society, reciprocal insurer or interinsurance
exchange, partnership, syndicate, business trust, corporation, and every legal entity. (4)
COMMISSIONER. The Commissioner of Insurance of this state. (5) DEPARTMENT. The Department
of Insurance of this state. (6) DOMESTIC INSURER. One formed under the laws of this state.
(7) FOREIGN INSURER. One formed under the laws of any jurisdiction other than this state.
Except where distinguished by context, "foreign" insurers includes also...
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27-14-32
Section 27-14-32 Exemption from debt of proceeds - Annuity contracts. (a) The benefits, rights,
privileges, and options which under any annuity contract, heretofore or hereafter issued,
are due or prospectively due the annuitant shall not be subject to execution, nor shall the
annuitant be compelled to exercise any such rights, powers, or options, nor shall creditors
be allowed to interfere with or terminate the contract, except: (1) As to amounts paid for
or as premium on any such annuity with intent to defraud creditors, with interest thereon,
and of which the creditor has given the insurer written notice at its home office prior to
the making of the payments to the annuitant out of which the creditor seeks to recover. Any
such notice shall specify the amount claimed, or such facts as will enable the insurer to
ascertain such amount, and shall set forth such facts as will enable the insurer to ascertain
the insurance or annuity contract, the person insured or annuitant and the...
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27-14-25
Section 27-14-25 Receipt and giving of acquittance and discharge for payment by minors. (a)
Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent
to receive and to give full acquittance and discharge for a payment, or payments, in aggregate
amount not exceeding $3,000.00 in any one year, made by a life insurer under the maturity,
death, or settlement agreement provisions in effect or elected by such minor under a life
insurance policy or annuity contract, provided such policy, contract, or agreement shall provide
for the payment, or payments, to such minor and if, prior to such payment, the insurer has
not received written notice of the appointment of a duly qualified guardian of the property
of such minor. No such minor shall be deemed competent to alienate the right to, or to anticipate,
such payments. This section shall not be deemed to restrict the rights of minors set forth
in Section 27-14-5. (b) This section shall not be deemed to...
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27-15-17
Section 27-15-17 Annuity and pure endowment contract provisions - Grace period. In an annuity
or pure endowment contract, other than a reversionary, survivorship or group annuity, there
shall be a provision that there shall be a period of grace of one month, but not less than
30 days, within which any stipulated payment to the insurer falling due after the first may
be made, subject at the option of the insurer to an interest charge thereon at a rate to be
specified in the contract but not exceeding six percent per annum for the number of days of
grace elapsing before such payment, during which period of grace the contract shall continue
in full force; but in case a claim arises under the contract on account of death prior to
expiration of the period of grace before the overdue payment to the insurer or the deferred
payments of the current contract year, if any, are made, the amount of such payments, with
interest on any overdue payments, may be deducted from any amount payable under...
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27-15-22
Section 27-15-22 Annuity and pure endowment contract provisions - Reinstatement. In an annuity
or pure endowment contract, other than a reversionary, survivorship, or group annuity, there
shall be a provision that the contract may be reinstated at any time within one year from
the default in making stipulated payments to the insurer unless the cash surrender value has
been paid, but all overdue stipulated payments and any indebtedness to the insurer on the
contract shall be paid or reinstated with interest thereon at a rate to be specified in the
contract, but not exceeding six percent per annum payable annually, and, in cases where applicable,
the insurer may also include a requirement of evidence of insurability satisfactory to the
insurer. (Acts 1971, No. 407, p. 707, ยง367.)...
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