The bill aims to update and streamline the insurance code in South Dakota by amending several sections to remove outdated provisions and clarify existing regulations. Key amendments include changes to the filing requirements for domestic and foreign insurers, specifying deadlines for annual and quarterly financial statements, and establishing penalties for late submissions. The bill also clarifies definitions related to insurance terms, such as "compensation," "earned premiums," and "liability," ensuring they align with current practices and standards set by the National Association of Insurance Commissioners.

Additionally, the bill empowers the director of the Division of Insurance to promulgate rules regarding continuing education requirements for insurance producers, including the approval process for providers and instructors. It establishes criteria for disapproval of providers or instructors who fail to comply with regulations and allows for penalties, such as withdrawal of approval or refunds to licensees. Notably, Section 58-17-145.1 is repealed, indicating the removal of outdated legal language that is no longer relevant. Overall, the bill seeks to modernize the insurance regulatory framework in South Dakota.

Statutes affected:
Introduced, 01/03/2025: 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
Enrolled, 02/03/2025: 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