CHAPTER 262

(HB 1042)

Insurance producer licensure renewal requirements changed.

         ENTITLED, An Act to  revise certain requirements regarding the license renewal of insurance producers.

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

     Section  1.  That § 58-30-115 be amended to read as follows:

     58-30-115.   The provisions of §§ 58-30-114 to 58-30-121, inclusive, do not apply to the following persons:

             (1)      Licensees for whom an examination is not required under the laws of this state. However, persons who are excused from the examination under subdivisions 58-30- 52(1), (2), and (3) may not be exempt;

             (2)      Persons excepted from licensing requirements as defined in §§ 58-30-5 and 58-30-5.1;

             (3)      Licensees over age sixty-five, provided if they have been licensed with the Division of Insurance for a period of at least ten years , and do not sell, solicit, or negotiate insurance ; and

             (4)      Licensees holding limited or restricted licenses, as the director of the Division of Insurance may determine.

     Section  2.  That chapter 58-30 be amended by adding thereto a NEW SECTION to read as follows:

     Any licensee meeting the exception under subdivision 58-30-115(3) 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.

     Signed February 6, 2006

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