reglab/housing_qa huggingface dataset:
SD Codified L § 58-30-115.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-115.1 - Renewal of license by persons over age sixty-five.

58-30-115.1. Renewal of license by persons over age sixty-five.Any licensee meeting the exception under subdivision 58-30-115(2) shall renew his or her license pursuant to §58-30-121. Nothing in that subdivision requires a licensee who has reached the age of sixty-five prior to July 1, 2006, and, as of July 1, 2006, has been licensed for at least ten years, to meet the continuing education requirements of this chapter. Source: SL 2006, ch 262, §2; SL 2015, ch 260, §8.
SD Codified L § 58-30-115.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-115.2 - Renewal of limited or restricted licenses.

58-30-115.2. Renewal of limited or restricted licenses.Any licensee meeting the exception pursuant to subdivision 58-30-115(3) shall renew the license pursuant to §58-30-121. Source: SL 2009, ch 269, §1; SL 2015, ch 260, §9.
SD Codified L § 58-30-116 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-116 - Continuing education requirements--Minimum requirements--Furnishing evidence of completion.

58-30-116. Minimum continuing education requirements--Furnishing evidence of completion.Biennially, beginning April 1, 2012, on the last day of the licensee's birth month, the licensee shall furnish evidence to the director of the Division of Insurance that the licensee has satisfactorily completed the following continuing education requirements:(1)Any licensee who holds a property casualty life, accident/health, or variable contract qualification shall obtain a minimum of ten continuing education credit hours in courses certified for each such classification. However, no more than twenty hours of continuing education may be required of any licensee holding multiple insurance producer licenses; and(2)Any licensee who holds only a crop hail qualification shall obtain a minimum of four credit hours certified for that line. Source: SL 1984, ch 331, §3; SL 2001, ch 286, §186; SL 2002, ch 240, §5; SL 2010, ch 233, §9.
SD Codified L § 58-30-117 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-117 - Continuing education requirements--Rules.

58-30-117. Continuing education rules.The director of the Division of Insurance, may promulgate, pursuant to chapter 1-26, rules as are necessary for effective administration of continuing education for insurance producers. The rules may include provisions concerning continuing education requirements, exemptions, programs, courses, sponsors, definitions, extensions, fees and funding, instructors, applications, advertising, and administration. Source: SL 1984, ch 331, §4; SL 1986, ch 22, §38; SL 1990, ch 406, §4; SL 1994, ch 411, (Ex. Ord. 94-3), §17; SL 2001, ch 286, §187.
SD Codified L § 58-30-118 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-118 - Continuing education requirements--Approval of programs--Certification of hours.

58-30-118. Continuing education activities--Approval by director--Hours certified by director.The director of the Division of Insurance shall certify as approved continuing education activities those courses, lectures, seminars, or other instructional programs, including insurance company education programs, which he determines are beneficial in improving the product knowledge or service capability of licensees. The director may require descriptive information about any continuing education activity and refuse approval of any continuing education activity that does not advance the purposes of §§58-30-114 to 58-30-121, inclusive. The director shall certify the number of hours to be awarded for participation in an approved continuing education activity based upon contact or classroom hours. The director shall certify the number of hours to be awarded for successful completion of a correspondence course or program of independent study, based upon the number of hours which would be awarded in an equivalent classroom course or program. Source: SL 1984, ch 331, §5.
SD Codified L § 58-30-119 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-119 - Continuing education requirements--Extension of time.

58-30-119. Extension of time for completing continuing education requirements.For good cause shown, the director of the Division of Insurance may grant an extension of time during which the requirements imposed by §§58-30-114 to 58-30-121, inclusive, may be completed, but such extension of time may not exceed one year. Source: SL 1984, ch 331, §6.
SD Codified L § 58-30-120 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-120 - Continuing education requirements--Prerequisite for license issuance or renewal--Exemptions.

58-30-120. Continuing education prerequisite for license issuance or renewal--Exemptions.The director of the Division of Insurance may not renew a license or issue a new license in those lines for which the licensee has failed to comply with the requirements set forth in §§58-30-114 to 58-30-121, inclusive. However, the licensee is exempt from the examination requirement pursuant to subdivision 58-30-52(1). If the licensee is not exempt from the examination requirement pursuant to subdivision 58-30-52(1), the director may renew or issue a new license without the licensee complying with §§58-30-114 to 58-30-121, inclusive, if he meets all statutory requirements for licensing, including examination. Source: SL 1984, ch 331, §7; SL 1989, ch 438, §2.
SD Codified L § 58-30-121 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-121 - Continuing education requirements--Additional fee for renewal of license.

58-30-121. Additional fee for renewal of license.The Division of Insurance shall charge each licensee an additional fee of twenty dollars upon renewal of the license. Beginning April 1, 2012, the fee as defined in §58-2-29 is due on the last day of the licensee's birth month and for each succeeding twenty-four month period. The fee shall be deposited in a separate account, entitled the South Dakota insurance producer's continuing education fund, as funding for the administration of the continuing education program. The director may withhold or not renew the license of any licensee who fails to tender timely payment of the fee. Source: SL 1984, ch 331, §8; SL 2001, ch 286, §188; SL 2002, ch 229, §2; SL 2007, ch 291, §2; SL 2010, ch 233, §10.
SD Codified L § 58-30-122 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-122 - Conduct of sponsors and instructors--Approval or disapproval by director--Rules.

58-30-122. Conduct of sponsors and instructors--Approval or disapproval by director--Rules.The director may approve or disapprove sponsors or instructors. Each sponsor is responsible for the actions of the sponsor's instructors. Sponsors and instructors shall conduct themselves in a professional manner and may not offer or teach any course not approved by the director or not complying with any insurance statute or rule, may not deviate from approved course outlines, and may not misrepresent any course material or other information. The director may promulgate rules, pursuant to chapter 1-26, establishing the necessary criteria for disapproval of a sponsor or instructor. Source: SL 1990, ch 406, §2.
SD Codified L § 58-30-123 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-123 - Director's action upon violation or nonconformity by sponsor or instructor.

58-30-123. Director's action upon violation or nonconformity by sponsor or instructor.If the director determines that a course sponsor or instructor has violated the provisions of §58-30-117 or 58-30-122, the director may withdraw approval of the course sponsor or instructor or may order a refund of course fees to licensees who attended the course, or both. The director may also refuse to approve courses conducted by specific sponsors or instructors if the director determines that past offerings by those sponsors or instructors have not been in compliance with insurance continuing education laws and rules. Source: SL 1990, ch 406, §3.
SD Codified L § 58-30-124 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-124 - Definition of terms.

58-30-124. Definition of terms.Terms as used in §§58-30-124 to 58-30-139, inclusive, mean:(1)"Actuary," any person who is a member in good standing of the American Academy of Actuaries;(2)"Managing general agent," any person:(a)Who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and(b)Acts as an agent for the insurer or who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium of five percent or more of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and either:(i)Adjusts or pays claims; or(ii)Negotiates reinsurance on behalf of the insurer;(3)"Underwrite," the authority to accept or reject risk on behalf of the insurer. Source: SL 1992, ch 353, §1.
SD Codified L § 58-30-125 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-125 - Persons not managing general agents.

58-30-125. Persons not managing general agents.The following persons are not managing general agents for the purposes of §§58-30-124 to 58-30-139, inclusive:(1)Any employee of the insurer;(2)Any United States manager of the United States branch of an alien insurer;(3)Any underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written; or(4)Any attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney. Source: SL 1992, ch 353, §2.
SD Codified L § 58-30-126 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-126 - License required--Bond or errors and omissions policy.

58-30-126. License required--Bond or errors and omissions policy.No person may act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed insurance producer in this state. No person may act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as an insurance producer in this state. The license may be a nonresident license.The director may require the managing general agent to obtain a bond or an errors and omissions policy in an amount acceptable to the director for the protection of the insurer. Source: SL 1992, ch 353, §3; SL 2001, ch 286, §189.
SD Codified L § 58-30-127 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-127 - Written contract between managing general agent and insurer.

58-30-127. Written contract between managing general agent and insurer.No managing general agent may place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and specifies the division of common or shared responsibilities. The contract shall contain the following minimum provisions:(1)The insurer may terminate the contract for cause upon written notice to the managing general agent. The insurer may suspend the underwriting authority of the managing general agent during the pendency of any dispute regarding the cause for termination;(2)The managing general agent shall render accounts to the insurer detailing all transactions and remit all funds due under the contract to the insurer on not less than a monthly basis;(3)All funds collected for the account of an insurer shall be held by the managing general agent in an escrow account in a bank which is a qualified United States financial institution as defined in §58-30-139. This account shall be used for all payments on behalf of the insurer. The managing general agent may retain no more than three months estimated claims payments and allocated loss adjustment expenses;(4)Separate records of business written by the managing general agent shall be maintained. The insurer shall have access and right to copy all accounts and records related to its business in a form usable by the insurer and the director shall have access to all books, bank accounts, and records of the managing general agent in a form usable to the director. Records shall be retained for five years;(5)The contract may not be assigned in whole or part by the managing general agent;(6)Appropriate underwriting guidelines including:(a)The maximum annual premium volume;(b)The basis of the rates to be charged;(c)The types of risks which may be written;(d)Maximum limits of liability;(e)Applicable exclusions;(f)Territorial limitations;(g)Policy cancellation provisions; and(h)The maximum policy period; and(7)Timely transmission of electronic claims files.The insurer may cancel or nonrenew any policy of insurance subject to the applicable laws and regulations concerning the cancellation and nonrenewal of insurance policies. Source: SL 1992, ch 353, §4; SL 2002, ch 241, §1.
SD Codified L § 58-30-128 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-128 - Settling claims--Content of contract.

58-30-128. Settling claims--Content of contract.If the managing general agent may settle claims on behalf of the insurer, the following shall be included in the contract:(1)All claims shall be reported to the company in a timely manner;(2)A copy of the claim file shall be sent to the insurer at its request or as soon as it becomes known that the claim:(a)Involves a coverage dispute;(b)May exceed the managing general agent's claims settlement authority;(c)Is open for more than six months; or(d)Is closed by payment of an amount set by the company;(3)All claim files are the joint property of the insurer and managing general agent. Upon an order of liquidation of the insurer, the files shall become the sole property of the insurer or its estate and the managing general agent shall have reasonable access to and the right to copy the files on a timely basis;(4)Any settlement authority granted to the managing general agent may be terminated for cause upon the insurer's written notice to the managing general agent or upon the termination of the contract. The insurer may suspend the settlement authority during the pendency of any dispute regarding the cause for termination;(5)The claims settlement authority and limitations of the managing general agent.The director may initially and at least annually review the amount for settling claims or payment of claims and direct the amount be changed. Source: SL 1992, ch 353, §5.
SD Codified L § 58-30-129 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-129 - Sharing interim profits.

58-30-129. Sharing interim profits.If the contract provides for a sharing of interim profits by the managing general agent, and the managing general agent may determine the amount of the interim profits by establishing loss reserves or controlling claim payments, or in any other manner, interim profits may not be paid to the managing general agent until one year after they are earned on property insurance business and five years after they are earned on casualty business and not until the profits have been verified pursuant to §58-30-131. Source: SL 1992, ch 353, §6.
SD Codified L § 58-30-130 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-130 - Restrictions on managing general agents.

58-30-130. Restrictions on managing general agents.A managing general agent may not:(1)Bind reinsurance or retrocessions on behalf of the insurer, except that the managing general agent may bind facultative reinsurance contracts pursuant to obligatory facultative agreements if the contract with the insurer contains reinsurance underwriting guidelines including, for both reinsurance assumed and ceded, a list of reinsurers with which automatic agreements are in effect, the coverages and amounts or percentages that may be reinsured and commission schedules;(2)Commit the insurer to participate in insurance or reinsurance syndicates;(3)Appoint any insurance producer without assuring that the insurance producer is lawfully licensed to transact the type of insurance for which the insurance producer is appointed;(4)Without prior approval of the insurer, pay or commit the insurer to pay a claim over a specified amount, net of reinsurance, which may not exceed one percent of the insurer's policyholder's surplus as of December thirty-first of the last completed calendar year;(5)Collect any payment from a reinsurer or commit the insurer to any claim settlement with a reinsurer, without prior approval of the insurer. If prior approval is given, a report shall be promptly forwarded to the insurer;(6)Permit its subagent to serve on the insurer's board of directors;(7)Jointly employ an individual who is employed with the insurer; or(8)Appoint a submanaging general agent. Source: SL 1992, ch 353, §7; SL 2001, ch 286, §190.
SD Codified L § 58-30-131 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-131 - Duties of insurer working with managing general agent.

58-30-131. Duties of insurer working with managing general agent.The insurer has the following duties:(1)The insurer shall review and have on file an annual independent financial examination done by a person acceptable to the director, of each managing general agent with which it has done business;(2)If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification;(3)The insurer shall at least semiannually conduct an on-site review of the underwriting and claims processing operations of the managing general agent;(4)Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who may not be affiliated with the managing general agent;(5)Within thirty days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of the appointment or termination to the director. Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the director may request;(6)An insurer shall review its books and records each quarter to determine if any insurance producer is a managing general agent as defined in §58-30-124. If the insurer determines that an insurance producer has become a managing general agent, the insurer shall promptly notify the insurance producer and the director within thirty days of the determination. The insurer and an insurance producer shall fully comply with the provisions of §§58-30-124 to 58-30-139, inclusive, within thirty days of notification to the director; and(7)An insurer may not appoint to its board of directors an officer, director, employee, insurance producer, or controlling shareholder of its managing general agents. This subdivision does not apply to relationships governed by chapters 58-5A and 58-44. Source: SL 1992, ch 353, §8; SL 2001, ch 286, §191.
SD Codified L § 58-30-132 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-132 - Acts of managing general agent--Examination by director--Costs.

58-30-132. Acts of managing general agent--Examination by director--Costs.The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent is subject to examination by the director pursuant to chapter 58-3. Unless otherwise set forth in the contract between the insurer and the managing general agent, the insurer shall pay the costs and expenses of the examination pursuant to §58-3-15. Source: SL 1992, ch 353, §9.
SD Codified L § 58-30-133 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-133 - Penalties for violation by managing general agent.

58-30-133. Penalties for violation by managing general agent.If the director finds after hearing that any person has violated any provision of §§58-30-124 to 58-30-139, inclusive, the director may order one or all of the following:(1)For each separate violation, a penalty in an amount of not more than twenty-five thousand dollars;(2)Revocation or suspension of the license or authority; or(3)The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of §§58-30-124 to 58-30-139, inclusive, committed by the managing general agent.Nothing contained in this section affects the right of the director to impose any other penalties provided for in the insurance law. Source: SL 1992, ch 353, §10.
SD Codified L § 58-30-134 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-134 - Rights of policyholders, claimants, and auditors.

58-30-134. Rights of policyholders, claimants, and auditors.Nothing contained in §§58-30-124 to 58-30-139, inclusive, limits or restricts the rights of policyholders, claimants, and auditors. Source: SL 1992, ch 353, §11.
SD Codified L § 58-30-135 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-135 - Rules for implementation and administration of §§ 58-30-124 to 58-30-139.

58-30-135. Rules for implementation and administration of §§58-30-124 to 58-30-139.The director may adopt rules, pursuant to chapter 1-26, for the implementation and administration of the provisions of §§58-30-124 to 58-30-139, inclusive. The rules may include definitions, licensure, contract provisions, accounting, recordkeeping, examinations, claims, procedures and settlement, insurer and managing general agent duties, and the amount and kind of business a managing general agent may perform for an insurer. Source: SL 1992, ch 353, §12.
SD Codified L § 58-30-136 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-136 - Utilization of managing general agent after July 1, 1992.

58-30-136. Utilization of managing general agent after July 1, 1992.No insurer may continue to utilize the services of a managing general agent on and after July 1, 1992, unless the utilization is in compliance with §§58-30-124 to 58-30-139, inclusive. Source: SL 1992, ch 353, §13.
SD Codified L § 58-30-137 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 30 - Insurance Producers|Section 58-30-137 - Filing and approval of contract.

58-30-137. Filing and approval of contract.The contract between the insurer and the managing general agent shall be filed and approved by the director and is subject to §§58-5-85 to 58-5-87, inclusive. Source: SL 1992, ch 353, §14.