Rule detail : 243239

SD LEG Insurance Code Updates

Published on: Feb 13, 2025

SD LEG enacted SB 30 to remove outdated code provisions and to clarify others.
Amended Provisions
Amend SD INS 58-6-75 (statement of condition), SD INS 58-20-1 (definition), SD INS 58-29B-51 (re liquidation), SD INS 58-30-114 and SD INS 58-30-117 (continuing ed).
Also amends SD INS 58-30-122 (conduct of sponsors), SD INS 58-30-123 (on certain director actions); repeals SD INS 58-17-145.1 (deadline for certain health claims).
Bill Provisions
Removes requirement to submit diskette copies of statements filed with NAIC.
Clarifies certain definitions, including compensation, earned premiums, loss payments.
Changes terminology re continuing education, removes sponsor, substitutes provider
Repeals provision re submission and payment of health claims under risk pools.
Legislative History
On Jan. 14, 2025, bill introduced in Senate; on Jan. 17, 2025, bill passed in Senate.
On Jan. 21, 2025, bill introduced in House; on Jan. 30, 2025, bill passed in House.
On Feb. 5, 2025, delivered to the Governor; on Feb. 10, 2025, bill signed by Governor.
Effectiveness
Unless specified, enacted bills become effective on the first day of Jul. after passage.

Regulators

SD LEG

Entity Types

Ins

Reference

PR, Bill SB30, 2/10/2025; Citation: *SD INS* 58-6-75, 58-20-1, 58-29B-51, 58-30-114, 58-30-117, 58-30-122, 58-30-123, 58-17-145.1;

Functions

Compliance; Financial; Legal; Reporting

Countries

United States of America