To determine whether the sale or solicitation of policies described in § 20:06:13:43.01 is reasonable, prudent, or in the prospective insured's best interest, the agent, if any, shall examine the totality of the prospective insured's circumstances, including the following:

1. (1) The prospective insured's financial condition, i.e., is the person on a fixed income, premium cost;
2. (2) The prospective insured's need for insurance at the time of sale, i.e., existing policies, insured's finances; and
3. (3) The values, benefits, and costs of the prospective insured's existing insurance program, if any, when compared to the values, benefits, and costs of the recommended policy or policies.

Source: 15 SDR 143, effective March 29, 1989.

General Authority: SDCL 58-4-1 , 58-17A-2.

Law Implemented: SDCL 58-17A-2.