Section 58-1-15 - "Homeowner's insurance policy" defined--Notice of nonrenewal to policyholder required--Timing of notice--Exception. - South Dakota Statutes

58-1-15. "Homeowner's insurance policy" defined--Notice of nonrenewal to policyholder required--Timing of notice--Exception. Notice of refusal to renew, as provided in § 58-1-14, does not apply to a homeowner's insurance policy which shall for the purposes of § 58-1-14 mean a policy normally written by the insurer as a standard homeowner's package policy or as a standard residential renter's package policy or homeowner's multiple peril policy. However, notice of refusal to renew a homeowner's insurance policy is not effective unless mailed or delivered by the insurer to the named insured at least thirty days before the effective renewal date. A notice of nonrenewal is not required if the policyholder is transferred to an insurer that is a member of the same insurance group as the previous insurer and notice of such transfer is given in the form adopted by rule by the Division of Insurance pursuant to chapter 1-26.

Source: SL 1986, ch 414, § 4; SL 2001, ch 264, § 2.