Insurance Licensing Update: South Dakota - Supportive Insurance Services

South Dakota SB 32 updates annuity suitability requirements by adopting the most recent changes to the National Association of Insurance Commissioners (NAIC) Model Law.

One of the important changes is the shifting of the primary oversight of ensuring suitability from the agency level to insurance companies.

Insurance producers selling annuity products are required to complete a one-time four hour approved training course.

An annuity producer who has a life insurance license on or before July 1, 2012, must complete the requirements by December 31, 2012. Any person who obtains a life insurance license after July 1, 2012, may not engage in the sale of annuities until the required annuity training course has been completed.

Approved courses will be posted on the Division of Insurance website at http://dlr.sd.gov/insurance/producers/continuing_education.aspx.

The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.

This information is brought to you by Supportive Insurance Services… Licensing Experts Saving You Time and Money!

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“Our company has worked with Supportive Insurance Services for several years and greatly value the support and services they provide us. Starting with our Team Leader Cindy Hawkins, they are extremely responsive, pro-active, professional and friendly. We are very happy with their overall service and support.”

John Losurdo - Officer, RHSB

“Deciding to oursource our licensing compliance to SIS was one of our best decisions we have made for our insurance agency. You have saved me and our growing team so much time and have improved our compliance. I would unconditionally recommend SIS to any growing insurance agency.”

Phil Nisbet, World Insurance Associates LLC

“We have been using Supportive Insurance Services for over 4 years now and are very pleased with the entire team’s professionalism. With hundreds of agency and individual licenses to manage they are an invaluable business partner to us.”

Jonathan Hageman, Dubraski & Associates Insurance Services

“I could not be happier with the decision we made so long ago. Everyone at SIS is so easy to do business with and they all possess that friendly, down to earth Indiana charm.”

Terri Young, VTC Insurance Group

“It’s a pleasure doing business with Supportive Insurance Services, reliable, efficient and friendly. For over 10 years they have taken care of our license needs, transitions and/or additions, as quickly and easily as possible. Their work ethics and constant positive attitudes are second to none.”

Lynn Cutforth, LIPCA Insurance

“Every member of the SIS staff has 100% of the time been polite, happy to talk or email, and has gotten back to us very quickly if ever a VM or email. We could not be happier with our customer service we receive from Supportive Insurance Services. Top of the line, and well worth every penny!

David R. Smith , Sanger & Altgelt LLC