58-4-1 Rules--Adoption by director of insurance--Purpose--Scope.
Rules--Adoption by director of insurance--Purpose--Scope.
The director of the
Division of Insurance may promulgate rules pursuant to chapter 1-26 to administer the provisions
of this title. No rule may extend, modify, or conflict with any provision of this title or the reasonable
The director may not pass a rule pertaining to the replacement of existing life insurance.
However, a rule may be adopted requiring the insurer or its insurance producer replacing a life
insurance policy to provide written notification of the replacement to the insurer of the existing
policy within ten days prior to the delivery date of the new policy coverage.
Source: SL 1966, ch 111, ch 2, § 13 (1); SL 1982, ch 351; SL 1986, ch 22, § 27; SL 2001, ch 286,