Changes to Existing Law

Terms used in this chapter, unless the context otherwise plainly requires, shall mean: (1) "Compensation," shall relate to all insurances effected by virtue of statutes providing compensation to employees payment to an employee for personal injuries injury irrespective of fault of the employer; (2) "Earned premiums," shall include gross premiums charged on all policies written, including all determined excess and additional premiums, less return premiums, other than premiums returned to policyholders as dividends, and less reinsurance premiums and premiums on policies canceled, and less unearned premiums on policies in force. Any participating insurer which that has charged in its premiums a loading solely for dividends, shall not be is not required to include such the loading in its earned premiums, provided a statement of the amount of such the loading has been filed with and approved by the director; (3) "Liability," shall relate to all insurance except compensation insurance against loss or damage from an accident to or injury suffered by an employee or other person and for which the insured is liable; and (4) "Loss payments" and "loss expense payments," shall include payments to claimants, including payments for medical: (a) Medical or surgical attendants, legal; (b) Legal expenses, salaries; (c) Salaries and expenses of investigators, adjusters and field men, rents, support personnel; (d) Rents, stationery, telegraph and telephone charges, and postage, salaries; (e) Salaries and expenses of office employees, home; (f) Home office expenses, and all; and 33 (g) All other payments made on account of claims, whether such payments shall be are allocated to specific claims or unallocated.

Terms, as used in §§ 58-30-114 to 58-30-121 58-30-123, inclusive, mean: (1) "Director," the director of the Division of Insurance; (2) "Instructor," any individual who teaches, lectures, or otherwise instructs an insurance education offering; (3) "Licensee," any individual who is licensed by the Division of Insurance as a resident insurance producer; and (4) "SponsorProvider," any person, offering or providing insurance education or related activity.

The director of the Division of Insurance, may promulgate, pursuant to rules, in accordance with chapter 1-26, rules as are necessary for effective 31 administration of continuing education for insurance producers. The rules may include provisions concerning regarding insurance producer continuing education requirements, exemptions, programs, courses, sponsors providers, definitions, extensions, fees and funding, instructors, applications, advertising, and administration.

The director may approve or disapprove sponsors or instructors a provider or instructor. Each sponsor provider is responsible for the actions of the sponsor's instructors. Sponsors and instructors provider's instructor. The provider and the instructor shall conduct themselves in a professional manner and may not offer: (1) Offer or teach any course not approved by the director or not complying with any insurance statute or rule, may not deviate; (2) Deviate from approved course outlines, and may not misrepresent; or (3) Misrepresent any course material or other information. The director may promulgate rules, pursuant to in accordance with chapter 1-26, establishing to establish the necessary criteria for disapproval of a sponsor provider or instructor.

If the director determines that a course sponsor provider or instructor has violated the provisions of § 58-30-117 or 58-30-122, the director may withdraw approval of the course sponsor provider or instructor, or may order a refund of course fees to licensees who attended the course, or both. The director may also refuse to approve courses conducted by specific sponsors or instructors a provider or instructor if the director determines that past offerings by those sponsors or instructors the provider or instructor have not been in compliance with insurance continuing education laws and rules.

Each domestic insurer and those domestic insurers subject to chapters 58-34, 58-37A, 58-38, 58-39, 58-40, and 58-41, and foreign insurers if required by the director, shall annually, on or before March first, and quarterly, on or before May fifteenth, August fifteenth, and November fifteenth, unless the time is extended by the director for good cause shown, file with the director a true statement of its financial condition, transactions, and affairs as of the December thirty-first preceding for an annual statement and as of March thirty-first, June thirtieth, and September thirtieth, for a quarterly statement. Any statement is to be in a form and content as is approved or adopted for current use by the National Association of Insurance Commissioners, or its successor organization, for use as to the type of insurer and kinds of insurance to be reported upon. The director may require any additional information considered necessary to be supplied with the annual or quarterly statement. The statement of an alien insurer, if required by the director, shall must be filed annually on or before September first and shall must relate only to its transactions and affairs in the United States, unless the director requires otherwise. Any annual and quarterly statement and, amendments and addenda to any annual and quarterly statement, and any interim statement or amendments thereto shall also must be filed with the National Association of Insurance Commissioners. Any statement filed with the National Association of Insurance Commissioners shall also be submitted on diskette. Any statement shall must be prepared in accordance with the Annual Statement Instructions Manual and the Accounting Practices and Procedures Manual prescribed by the National Association of Insurance Commissioners, as adopted promulgated by rule by the director pursuant to, in accordance with chapter 1-26. The director may also, by rule 26 promulgated pursuant to promulgate rules, in accordance with chapter 1-26, to establish additional practices and procedures the director considers necessary. Unless the time for filing has been extended, an insurer shall must pay a penalty of one hundred dollars per day for every day the statement is late, not to exceed twenty-five thousand dollars. For purposes of this section, only a statement with a postmark date of the due date or earlier is considered timely filed.