CHAPTER 254

(HB 1224)

Prior approval of premium rates, procedure revised.

         ENTITLED, An Act to  revise certain provisions regarding the prior approval of premium rates for certain health benefit plans.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That § 58-17-4.1 be amended to read as follows:

     58-17-4.1.   Premium rates charged for any individual accident and health insurance policy issued pursuant to this chapter shall be filed with the director and are deemed approved at the expiration of thirty days after the filing thereof unless disapproved by the director within the thirty-day period. The director may disapprove individual accident and health insurance premium rates which are not in compliance with the requirements of this chapter. The director shall send written notice of such disapproval to the insurer. However, the director may approve the premium rates before the thirty-day period expires by giving written notice of approval. Premium rates for health benefit plans that are being actively marketed and subject to the provisions of §  58-17-70 are not subject to the prior approval requirements of this section but shall be filed in accordance with § §  58-24-10, 58-24-13 to 58-24-19, inclusive, and 58-24-21 to 58-24-25, inclusive.

     Signed February 22, 2006

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