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Issue

Bill #

Bill Description

Building Codes

SB 134

Updates the new construction ordinances to reference the 2003 edition of the International Building Code. Effective 7/1/04.

Regulation

(Cancellation/Nonrenewal)

SB 25

Allows an automobile insurance policy that has been in effect for less than 60 days to be cancelled for any reason if notice is given within 60 days of the policy effective date. Effective 7/1/04.

Farm Mutuals

SB 130

Updates and streamlines the state's farm mutual insurance code.

Financial Regulation

SB 193

Allows a domestic insurer to invest up to 20% of its assets in general obligation or revenue bonds of any U.S. state or Canadian province not rated by the Securities Valuation Office of the NAIC. The valuation of the investments will be the lesser of the amortized cost or the market value. Effective 7/1/04.

Financial Regulation

SB 137

Counts goodwill arising from acquisitions and mergers occurring after January 1, 2001, as assets to be used in determining the financial condition of an insurer. Effective 7/1/04.

Guaranty Fund

HB 1211

Allows the South Dakota Insurance Guaranty Association to transfer claims handling and financial responsibility for a covered claim to an insured whose net worth is more than $50 million. Effective 7/1/04.

Licensure

SB 35

Prohibits an insurer from paying or assigning a commission, service fee or brokerage fee for a referral to any person not licensed as an insurance producer. Effective 7/1/04.

Motor Vehicle Insurance

(Traffic Safety - DUI)

HB 1275

Requires a driver involved in an accident resulting in serious bodily injury to submit to chemical testing of blood, breath or other bodily substance. Effective 7/1/04.

Premium Tax Credit

SB 39

Modifies the definition of 'regional home office' and requires an insurer that qualifies for a regional home office premium tax credit to maintain complete records in that office. Effective 7/1/04.

Rate Regulation

SB 37

Establishes a file and use system for rates for all lines of insurance, except inland marine and automobile, and exempts certain size commercial risks from rate and form approval. Effective 7/1/04.

State Building Codes

SB 134

Updates the new construction ordinances to reference the 2003 edition of the International Building Code. Effective 7/1/04.

Workers' Compensation

HB 1048

Prohibits cancellation of a workers' compensation policy for nonpayment of premium, unless the employer has provided notification within at least 10 days. Effective 7/1/04.