News

KANSAS CITY, Mo. (July 16, 2024) – South Dakota became the 48th member to join the Interstate Insurance Product Regulation Commission (Commission) on July 1, 2024. Governor Kristi Noem signed H.B. 1091 on February 27, 2024. South Dakota joins 45 states, the District of Columbia, and Puerto Rico committed to a national state-based system of efficient product regulation.

“I am thrilled to officially join the Commission as its 48th member,” said South Dakota Insurance Director Larry Deiter. “South Dakotans will benefit from having more products available in our state’s insurance marketplace that are subject to rigorous consumer-centric standards. I look forward to working with my esteemed colleagues to develop and adopt Uniform Standards that achieve meaningful uniformity for asset-based insurance products.”

“On behalf of my fellow member jurisdictions, I extend a warm welcome to South Dakota as it joins the Commission,” said Nebraska Insurance Director and Insurance Compact Chair Eric Dunning. “Director Deiter and his staff will make an excellent addition to a coalition dedicated to modernizing the regulatory process for review and approval of asset-protection insurance products.”

Filers may now add South Dakota to submitted or previously approved annuity and life insurance product filings. 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. South Dakota did not opt-out of any additional Uniform Standards.