Signed by Governor Larry Rhoden

Vote Smart's Synopsis:

Vote to pass a bill that repeals outdated provisions within the insurance code in South Dakota.

Highlights:

• Amends § 58-6-75 to clarify the filing deadlines for financial statements by insurers (Sec. 1)

• Establishes a penalty of $100 per day for every day the statement is late, not to exceed $25,000 in regards to the filing deadlines in § 58-6-75 (Sec. 1). 

• Amends § 58-20-1 to redefine terms related to compensation, liability, and loss payments (Sec. 2). 

• Amends § 58-29B-51 to adjust when the liquidator must give notice of the liquidation order as soon as possible but no more than 10 days from the date of entry of the order (Sec. 3). 

• Amends § 58-30-114, § 58-30-117, § 58-30-122, and § 58-30-123 to redefine terms related to directors, instructors, licensees, and providers and to authorize the director certain oversights over instructors or providers (Sec. 4, 5, 6, and 7). 

• Repeals outdated provision § 58-17-145.1 (Sec. 8). 

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 9).

Full Bill Text