58-15-44. Dating back of application for insurance to reduce premium prohibited--Contract not invalidated. No insurer may knowingly deliver or issue for delivery in this state any life insurance policy which purports to be issued or to take effect as of a date more than six months before the application therefor was made, if thereby the premium on such policy is reduced below the premium which would be payable thereon as determined by the insuring age of the insured at the time when such application was made. No insurance producer or other representative of an insurer may in this state prepare, submit, or accept any application for life insurance which bears a date earlier than the date when such application was made by the insured or applicant, if thereby the premium on such contract is reduced as above stated. Nothing contained in this section validates any contract made in violation of this section. This section does not prohibit the exchange, alteration, or conversion of any policy of life insurance.
Source: SL 1966, ch 111, ch 23, § 35; SL 2001, ch 286, § 109.
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