20:06:21:74. Agent training required to market long-term care plans. An individual may not sell, solicit, or negotiate long-term care insurance unless the individual is licensed as an insurance agent for health or life and has completed a one-time training course before July 1, 2008, and ongoing training every 24 months thereafter. The one-time training required by this section may not be less than eight hours and the ongoing training required by this section may not be less than four hours. Prior to July 1, 2008, those agents licensed as life or health agents selling partnership policies will be considered to have satisfied these requirements. For agents who become licensed after July 1, 2008, the eight hours of training must be completed prior to selling, soliciting, or negotiating long-term care insurance and the four hours of training must be completed by July 1 of every second year following 2008. The training required under this section shall consist of topics related to long-term care insurance, long-term care services, and, if applicable, qualified state long-term care insurance partnership programs, including:
(1) State and federal requirements and the relationship between qualified state long-term care insurance partnership programs and other public and private coverage of long-term care services, including Medicaid;
(2) Available long-term care services and providers;
(3) Changes or improvements in long-term care services or providers;
(4) Alternatives to the purchase of private long-term care insurance;
(5) The effect of inflation on benefits and the importance of inflation protection; and
(6) Consumer suitability standards and guidelines.
The training required by this section may not include training that is insurer or company product specific or that includes any sales or marketing information, materials, or training, other than those required by state or federal law. The training requirements of this section may be approved as continuing education courses pursuant to chapter 58-30.
Source: 33 SDR 230, effective July 2, 2007.
General Authority: SDCL 58-17B-4.
Law Implemented: SDCL 28-6-38, 58-17B-4.
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