2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance
§ 58-33A-25.1 Insurance producer to have adequate knowledge of annuity product--Required training.

58-33A-25.1. Insurance producer to have adequate knowledge of annuity product--Required training. No insurance producer may solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer's standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this section. An insurance producer who engages in the sale of annuity products shall complete a one-time four credit training course approved by the director and provided by a director-approved education provider.

Any insurance producer who holds a life insurance line of authority on July 1, 2012 and who desires to sell annuities shall complete the requirements of this section within six months after July 1, 2012. Any person who obtains a life insurance line of authority on or after July 1, 2012 may not engage in the sale of annuities unless the annuity training course required under this section has been completed. The minimum length of the training required under this section shall be sufficient to qualify for at least four continuing education credits, but may be longer. The training required under this section shall include information on the following subjects:

(1) The types of annuities and various classifications of annuities;

(2) Identification of the parties to an annuity;

(3) How fixed, variable, and indexed annuity contract provisions affect consumers;

(4) The application of income taxation of qualified and nonqualified annuities;

(5) The primary uses of annuities; and

(6) Appropriate sales practices, replacement, and disclosure requirements.
Source: SL 2012, ch 250, § 11.