Unless denied licensure pursuant to § 58-30-167, any person who has met the requirements of §§ 58-30-145 to 58-30-151, inclusive, shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:

(1) Life–insurance coverage on human lives including benefits of endowment and annuities and may include benefits in the event of death or dismemberment by accident and benefits for disability income;

Terms Used In South Dakota Codified Laws 58-30-152

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2

(2) Accident and health or sickness–insurance coverage for sickness, bodily injury, or accidental death and may include benefits in the event of death or dismemberment by accident and for disability income;

(3) Property–insurance coverage for the direct or consequential loss or damage to property of every kind;

(4) Casualty–insurance coverage against legal liability, including that for death, injury, or disability, damage to real or personal property, or fidelity and surety bonds;

(5) Variable life and variable annuity products–insurance coverage provided under variable life insurance contracts and variable annuities;

(6) Personal lines–property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;

(7) Limited lines;

(8) Any other line of insurance permitted under state laws or rules.

Source: SL 2001, ch 286, § 12; SL 2010, ch 233, § 12.

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