This bill aims to update and streamline the insurance code in South Dakota by amending several sections and repealing outdated provisions. Key amendments include changes to the filing requirements for domestic and foreign insurers, specifying deadlines for annual and quarterly financial statements, and clarifying the penalties for late submissions. The bill also revises definitions related to insurance terms, such as "compensation," "earned premiums," and "liability," to ensure clarity and consistency within the code.

Additionally, the bill enhances the authority of the director of the Division of Insurance to promulgate rules regarding insurance producer continuing education requirements and the approval of providers and instructors. It establishes criteria for disapproval and outlines the consequences for providers or instructors who violate the established rules. Notably, Section 58-17-145.1 is repealed, indicating the removal of outdated provisions that are no longer relevant to current insurance practices. 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