Rule 20:06:21:74 Agent training required to market long-term care partnership plans.
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
33 SDR 230, effective July 2, 2007.
Authority: SDCL 58-17B-4.
Implemented: SDCL 28-6-38, 58-17B-4.
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