20:06:22:01.  Types of renewal clauses. For purposes of § 20:06:22:02, the types of renewal clauses are as follows:

          (1)  Optionally Renewable (OR): renewal is at the option of the insurance company;

          (2)  Conditionally Renewable (CR): renewable, but may be declined by class, by geographic area, or for stated reasons other than deterioration of health;

          (3)  Guaranteed Renewable (GR): renewal may not be declined by the insurance company for any reason, but the insurance company may revise rates on a class basis;

          (4)  Noncancelable (NC): renewal may not be declined nor may rates be revised by the insurance company.

          Source: 16 SDR 208, effective June 3, 1990.

          General Authority: SDCL 58-4-1, 58-17-4.2.

          Law Implemented: SDCL 58-17-4.2.