Section 58-15-59.1 - Right of annuitant or purchaser to cancel after receipt of contract--Effectof cancellation. - South Dakota Statutes

58-15-59.1. Right of annuitant or purchaser to cancel after receipt of contract--Effect of cancellation. Every individual annuity contract, excluding variable annuity contracts, issued for delivery in South Dakota on or after July 1, 1978, by an insurance company or fraternal benefit society, shall have printed on or attached to the annuity contract, a notice stating in substance that the person to whom the annuity contract is issued shall be permitted to return the annuity contract, with a written request for cancellation within ten days of its actual receipt by the purchaser, and to have the premium paid refunded if, after examination of the annuity contract, the purchaser is not satisfied with it for any reason. If annuitant or purchaser pursuant to the notice, returns the annuity contract to the company or fraternal benefit society at its home or branch office or to the insurance producer through whom it was purchased, it is void from the beginning and the parties are in the same position as if no annuity contract had been issued.

Source: SL 1978, ch 361, § 1; SL 2001, ch 286, § 111.