South Dakota joins Insurance Compact Commission as its 48th Member Jurisdiction
WASHINGTON (February 28, 2024)—South Dakota becomes the 48th member of the Interstate Insurance Product Regulation Commission (Commission). Governor Kristi Noem signed H.B. 1091 on February 27, 2024, and the measure becomes effective on July 1, 2024. South Dakota joins 45 states, the District of Columbia, and Puerto Rico in the Commission’s commitment to a national state-based system of efficient product regulation.
“Joining the Insurance Compact is an important step in preserving South Dakota’s right to regulate its insurance marketplace, and South Dakotans will benefit from the availability of product offerings that must meet rigorous consumer-centric standards,” said Larry Deiter, Director of the South Dakota Division of Insurance. “I want to thank Governor Noem and the South Dakota legislature for recognizing the importance of collaborating with my esteemed colleagues in fellow compacting states to achieve meaningful uniformity for asset-based insurance products and how important this work is to our state’s insurance marketplace.”
“I am thrilled to welcome South Dakota to the Commission,” said Kathleen Birrane, Maryland Insurance Commissioner and Commission Chair. “The Insurance Compact has been an effective means for states to work together to modernize the regulatory review and approval process of asset-protection insurance products. I would like to thank Governor Noem and the South Dakota legislature for acknowledging the value of this state-based approach to efficient product review and approval, which will benefit South Dakota residents.”
Filers may begin to add South Dakota to submitted or previously approved annuity and life insurance product filings beginning on July 16, 2024. South Dakota’s legislation did not include disability income or long-term care insurance products; therefore, companies may not include South Dakota in any new or existing disability income or long-term care insurance filings. Incoming Compacting jurisdictions are also afforded 10 business days to exercise additional opt-outs.
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