§ 58-33-99 Circumstances in which licensee should know product is unauthorized health insurance.

SD Codified L § 58-33-99 (2019) (N/A)

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58-33-99. Circumstances in which licensee should know product is unauthorized health insurance. Circumstances where a licensee reasonably should know that a product is unauthorized health insurance include the following:

(1) The licensee knows that the product is represented to be a self-funded plan and that it is offered widely to the multiple employers or generally to individuals;

(2) The licensee knows that the product is a professional employer organization self-funded plan and that it is offered widely to multiple client employers; or

(3) The licensee knows that the plan is represented to be a self-funded plan established or maintained pursuant to a collective bargaining agreement and that the plan is offered widely to multiple employers, or generally to individuals, or both, through agents who are compensated on a commission or similar basis.

A licensee may provide other evidence to the division to indicate that the licensee did not reasonably know that a product is unauthorized. In making its determination regarding whether a licensee should have known the product is unauthorized and the appropriateness of any penalty for failing to notify the division of such a product, the division shall consider the prior experience and the existence or lack of training of that licensee.

Source: SL 2007, ch 292, § 7.

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§ 58-33-98 Notification of division required concerning unauthorized health insurance product--Review of division website--Stop loss insurers.

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§ 58-33-100 Confidentiality of notifications--Use of information in legal and regulatory actions.