58-15-65. Reversionary annuity contract--Standard provisions.Except as stated in §58-15-67, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§58-15-59 to 58-15-63, inclusive, except that under §58-15-62 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract. Source: SL 1966, ch 111, ch 23, §25 (1) (a).
South Dakota Legal Code