South Dakota is strengthening its rules for selling annuities by expanding the definition of what counts as an annuity product and clarifying what compensation insurance agents can receive. The law now requires agents to gather detailed information about customers' finances, income, debts, investment experience, and risk tolerance before recommending an annuity to ensure the sale is appropriate for that person.
This bill does not directly amend codified state law.
Signed by the Governor S.J. 489
Delivered to the Governor S.J. 423
Signed by the Speaker H.J. 495
Signed by the President S.J. 400
House of Representatives Do Pass Amended Passed, YEAS 65, NAYS 3. H.J. 468
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 11, NAYS 0.
Commerce and Energy Scheduled for hearing
First read in House and referred to House Commerce and Energy H.J. 368
Senate Do Pass Amended Passed, YEAS 34, NAYS 0. S.J. 278
Commerce and Energy Do Pass Amended Passed, YEAS 8, NAYS 0. S.J. 1
Commerce and Energy Motion to amend S.J. 1
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 127
Casey Crabtree
Prime sponsor · Sen.
R
Mark Willadsen
Prime sponsor · Rep.
R
Commerce and Energy — Do Pass
Do Pass Amended
Commerce and Energy — Do Pass Amended