20:06:21:23.  Disclosure of renewability. Individual long-term care insurance policies shall contain a renewability provision. The provision must be captioned, must appear on the first page of the policy, and must clearly state the duration, where limited, of renewability and the duration of the term of coverage for which the policy is issued and for which it may be renewed.

          This section does not apply to policies under which the right to nonrenew is reserved solely to the policyholder and which do not contain a renewability provision. This paragraph applies to long-term care policies which are part of or combined with life insurance policies which do not contain renewability provisions.

          Source: 22 SDR 97, effective December 18, 1995.

          General Authority: SDCL 58-17B-4.

          Law Implemented: SDCL 58-17B-10.