FOR AN ACT ENTITLED, An Act to  revise the term of retention of certain records by insurers and to require certain delivery receipts to be forwarded to an insurer.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 58-15-8.2 be amended to read as follows:
     58-15-8.2.   An insurance company or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods:

             (1)      If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;

             (2)      If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.

     The receipts and the certificates of mailing described in this section shall be retained by the

insurer or insurance producer for three five years. If a producer obtains the delivery receipt, the producer shall forward the delivery receipt to the insurer.
     Section  2.  That § 58-15-59.2 be amended to read as follows:
     58-15-59.2.   An insurance company or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods:

             (1)      If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;

             (2)      If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.

     The receipts and the certificates of mailing described in this section shall be retained by the insurer or insurance producer for three five years. If a producer obtains the delivery receipt, the producer shall forward the delivery receipt to the insurer.
     Section  3.  That § 58-17-11.1 be amended to read as follows:
     58-17-11.1.   An insurance company, nonprofit hospital service plan, medical service corporation, health maintenance organization, or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods:

             (1)      If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;

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             (2)      If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.

     The receipts and the certificates of mailing described in this section shall be retained by the insurer or insurance producer for three five years. If a producer obtains the delivery receipt, the producer shall forward the delivery receipt to the insurer.
     Section  4.  That § 58-28-24.2 be amended to read as follows:
     58-28-24.2.   An insurance company or fraternal benefit society shall issue policies in this state for which an examination period is required in accordance with one of the following methods:

             (1)      If the policy is delivered by an insurance producer, a receipt shall be signed by the policyowner acknowledging delivery of the policy. The receipt shall include the policy number and the date of the delivery;

             (2)      If the policy is delivered by mail, it shall be sent by registered or certified mail, return receipt requested, or a certificate of mailing shall be obtained showing the date the policy was mailed to the policyowner. For policy issuances verified by a certificate of mailing, it is presumed that the policy is received by the policyowner ten days from the date of mailing.

     The receipts and the certificates of mailing described in this section shall be retained by the insurer or insurance producer for three five years. If a producer obtains the delivery receipt, the producer shall forward the delivery receipt to the insurer.