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Division of Insurance - Producer Information
Other Training Requirements
Annuity TrainingSouth Dakota Codified Law (SDCL) 58-33A-25.1
Prior to soliciting the sale of an annuity product, an insurance producer must have adequate knowledge of the product to recommend an annuity and must be in compliance with the insurer's standards for product training.
An insurance producer with a life insurance line of authority looking to engage 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.
The minimum length of the training required shall be sufficient to qualify for at least four continuing education credits, but may be longer. The training shall include information on the following subjects:
- The types of annuities and various classifications of annuities;
- Identification of the parties to an annuity;
- How fixed, variable, and indexed annuity contract provisions affect consumers;
- The application of income taxation of qualified and nonqualified annuities
- The primary uses of annuities; and
- Appropriate sales practices, replacement and disclosure requirements.
An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this requirement or can review the listing of Director Approved Annuity Training (Sircon/Vertafore).
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Flood Insurance TrainingSD DOI Bulletin 06-07
Section 207 of the Flood Insurance Reform Act of 2004 requires all producers selling flood insurance policies through the National Flood Insurance Program (NFIP) to be properly trained and educated about the NFIP to best serve their clients.
An insurance producer who sells flood insurance must satisfy the minimum training and education requirements by completing a course related to the NFIP, which may be approved for three hours of continuing education credit by the South Dakota Division of Insurance.
All South Dakota licensed resident insurance producers who sell federal flood insurance policies must comply with the minimum training requirements as well as the basic flood education as outlined at 70 Fed. Reg., 52117 (Sept. 1, 2005) or such later requirements as are published by FEMA.
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Long-Term Care Training
See additional information available here.
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