(HB 1029)
Insurance producer, licensing requirements revised.
Section
1.
That
§
58-29D-24
be amended to read as follows:
58-29D-24.
The director may not issue a license if the director determines that the
administrator, or any individual responsible for the conduct of affairs of the administrator as defined
in subdivision 58-29D-22(3), is not qualified for licensure by reason of
§
§
58-30-23 and 58-30-23.1
§
58-30-167
.
Section
2.
That
§
58-30-2.1
be repealed.
Section
3.
That
§
58-30-68
be amended to read as follows:
58-30-68.
The director may issue to an applicant qualified therefor under this title a limited lines
insurance producer's license as follows:
58-30-111.
The director
shall
may
not again issue a license under this title to
or as to
any person
whose license has been revoked
or renewal refused
, until after expiration of one year from the date
of such revocation
or refusal
or if judicial review of such revocation
or refusal
is sought, then within
one year from the date of final court order or decree affirming the revocation
or refusal
.
In the
event
If
the former licensee again files application for a license under this title, the director may
require the applicant to show good cause why the prior revocation
or refusal to renew his license
shall
should
not be
deemed
a bar to the issuance of a new license.
Section
5.
That
§
58-30-116
be amended to read as follows:
58-30-116.
In each two-year period, each licensee shall furnish evidence to the director of the
Division of Insurance that the licensee has satisfactorily completed the following continuing
education requirements:
58-30-148.
A person applying for a resident insurance producer license shall make application
to the director on an application form or format as prescribed by the director and declare under
penalty of refusal, suspension, or revocation of the license that the statements made in the
application are true, correct, and complete to the best of the individual's knowledge and belief. The
director shall consider the use of a uniform application form or format.
58-30-160.
A licensee as nonresident insurance producer shall at all times be qualified for and
hold in the licensee's home state of domicile the license of that home state as a resident insurance
producer covering all kinds of insurance covered or to be covered under the South Dakota
nonresident license. A hearing is not necessary in order to revoke
or
,
suspend
, terminate, or
nonrenew
a nonresident insurance producer's license in this state if that insurance
producer's license
is revoked or suspended
producer no longer has a producer license
in the insurance producer's
home state of domicile.
Section
8.
That
§
58-30-167
be amended to read as follows:
58-30-167.
The director may suspend for not more than twelve months, or may revoke or
refuse to continue, any license issued under this chapter, or any license of a surplus lines broker
after a hearing. Notice of such hearing and of the charges against the licensee shall be given to the
licensee and to the insurers represented by such licensee or to the appointing agent of a producer
at least twenty days before the hearing.
The director may suspend, revoke, or refuse to issue or
renew an insurance producer's license or may accept a monetary penalty in accordance with
§
58-4-28.1 or any combination thereof, for any one or more of the following causes: