(HB 1051)
Insurance producer license requirements modified.
Section
1.
That
§
58-30-149
be amended to read as follows:
58-30-149.
A business entity acting as an insurance producer is required to obtain an insurance
producer license. Application shall be made using a form or format prescribed by the director. The
director shall consider the use of a uniform form or format. Before approving the application, the
insurance director shall find that
:
58-30-121.
The Division of Insurance shall charge each licensee an additional fee of twenty
dollars upon renewal of the license. The fee is due on May 1, 2004, and at the beginning of each
succeeding twenty-four-month period.
Beginning in 2008 and each succeeding twenty-four month
period, the fee is due on April thirtieth.
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.
Section
3.
That
§
58-30-180
be amended to read as follows:
58-30-180.
An insurer or authorized representative of the insurer that terminates the
appointment, employment, contract, or other insurance business relationship with an insurance
producer shall notify the director within thirty days following the effective date of the termination,
using a format prescribed by the director.
In addition, an insurer or authorized representative of the
insurer that terminates the appointment, employment, contract, or other insurance business
relationship with a producer shall notify the director within thirty days following the effective date
of the termination, using a format prescribed by the director, if a reason for termination is one of
the reasons set forth in
§
58-30-167 or the insurer has knowledge the producer was found by a
court, government body, or self-regulatory organization authorized by law to have engaged in any
of the activities in
§
58-30-167.
Upon the written request of the director, the insurer shall provide
additional information, documents, records, or other data pertaining to the termination or activity
of the insurance producer pursuant to § 58-30-8, such information is confidential.