The acceptable rates for credit life insurance are as follows:

1. (1) For decreasing term credit life insurance, a single premium of $.56 a year for each $100 of initial insured indebtedness. A premium payable monthly at the rate of $.88 for each $1,000 of outstanding unpaid insured indebtedness will be considered the actuarial equivalent of the foregoing rate; and
2. (2) For level term credit life insurance, a single premium of $1.02 a year for each $100 of initial indebtedness.

Source: 4 SDR 6, effective August 9, 1977; 5 SDR 91, effective April 25, 1979; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 26 SDR 150, adopted May 21, 2000, effective July 1, 2000.

General Authority: SDCL 58-19-34.

Law Implemented: SDCL 58-19-26.