58-16-38.1. Assignment of policy not prohibited--Rights vested in assignee.
Nothing in this chapter or in any other law shall be construed to prohibit a person whose life is insured under any policy of group life insurance from making an assignment of all or any part of his rights and privileges under such policy including specifically, but not by way of limitation, any right to designate a beneficiary thereunder and any right to have an individual policy issued to him in accordance with §§58-16-39 and 58-16-40. Subject to the terms of any contract between the parties, such an assignment by an insured, made either before or after the effective date of this section, is valid for the purpose of vesting in the assignee, in accordance with any provisions included therein as to the time at which it is to be effective, all of such rights and privileges so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue in accordance with §§58-16-39 and 58-16-40 prior to receipt of notice of this assignment.
Source: SL 1971, ch 272.