S.D. Admin. R. 20:69:15:03

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:69:15:03 - Minimum standards

The group policy obtained by the commission shall cover all activities contemplated by SDCL Chapter 36-21 A and shall provide, at a minimum, the following terms and conditions:

(1) Not less than $100,000 single-limit liability coverage for each licensee per occurrence or claim made, not including costs for investigation or defense;

(2) An annual aggregate limit of not less than $500,000 per licensee;

(3) A deductible amount of not greater than one percent of the total single-limit liability coverage amount for each occurrence and a like deductible amount for defense and investigation;

(4) Coverage for the vicarious liability for current or previously employed or contracted individuals;

(5) An extended reporting provision of 90 days and an option to purchase an additional three years extended reporting provision for a premium not to exceed 200 percent of the premium charged for the last year of the terminating coverage;

(6) Coverage under this section for covered acts in any state, United States territory, or Canada in which a covered individual, domiciled in South Dakota, holds a license; and

(7) Stacking of benefits.

The minimum coverage applies to each individual licensee.

S.D. Admin. R. 20:69:15:03

20 SDR 18, effective 8/16/1993.

General Authority: SDCL 36-21A-119.

Law Implemented: SDCL 36-21A-121.