SD | The South Dakota Department of Insurance has announced that effective July 1, 2018, all business entity producer licenses in South Dakota will be subject to a biennial renewal requirement.
Business entities licensed prior to April 1, 2018, will have until September 28, 2018 to complete their first license renewal. The renewal will be effective as of July 1, 2018. Subsequent renewals will need to be completed every two years, on or before July 1.
Business entity licenses issued on April 1, 2018 or after will have a license expiration date exactly two years from the license effective date. Subsequent renewals will need to be completed every two years, on or before the license renewal deadline.
As part of the renewal process, the entity will be required to name an actively licensed producer as their DRLP responsible for the entity’s compliance with South Dakota insurance law.
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If you need assistance with your business entity or individual license renewals, contact ILSA today!