South Dakota- Insurance Licensing Update: SD Joins the NIMA - Supportive Insurance Services

South Dakota joined the Nonadmitted Insurance Multi-State Agreement (NIMA).

All multi-state surplus lines policies issued or renewed on or after July 1, 2012, and any subsequent endorsements to those policies in which a NIMA-participating state is deemed the “Home State” must be filed with the Surplus Lines Clearinghouse.

After July 1, 2012, any renewing multi-state policies and endorsements must be filed with the Clearinghouse. Brokers and policyholders may begin filing transactions with the Clearinghouse on July 1, 2012.

Surplus lines filers must submit a Clearinghouse Registration Form to the Clearinghouse. The form and additional guidance can be found at the Division’s website: http://dlr.sd.gov/insurance.

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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John Losurdo - Officer, RHSB