HB 1117 updates South Dakota's insurance rules for deferred annuities by modifying how insurance companies calculate the minimum guaranteed value customers can withdraw from their annuity contracts. The bill adds premium taxes paid by insurance companies as a factor that can be deducted when calculating these minimum values, along with the existing deductions for contract charges, withdrawals, and company debts. This change allows insurers to account for state taxes they've paid when determining what cash surrender benefits they must guarantee to customers.
Signed by the Governor H.J. 689
Delivered to the Governor H.J. 662
Signed by the President S.J. 509
Signed by the Speaker H.J. 635
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 465
Commerce and Energy Certified uncontested, placed on consent YEAS 7, NAYS 0.
Commerce and Energy Do Pass Passed, YEAS 7, NAYS 0.
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 162
House of Representatives Do Pass Passed, YEAS 67, NAYS 0. H.J. 168
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 13, NAYS 0.
Commerce and Energy Scheduled for hearing H.J. 1
First read in House and referred to House Commerce and Energy H.J. 104
Mark Willadsen
Prime sponsor · Rep.
R
Cosponsors
Commerce and Energy — Do Pass
Commerce and Energy — Certified uncontested, placed on consent
Do Pass
Commerce and Energy — Do Pass