An overwhelming 66-1 vote by the South Dakota House of Representatives that nearly completes the state’s journey to property/casualty rate modernization was lauded by the National Association of Mutual Insurance Cos. (NAMIC).
The state Senate had previously approved SB 37 by a 33-2 vote. The House passed a slightly
amended version of Senate Bill 37, which converts personal lines rate filings from prior approval to file and use. The bill also exempts large commercial policies from rate filing requirements. The bill now moves to Gov. Mike Rounds for signature.
“Gov. Rounds’ signature will send a clear message to Congress that states are serious about reforming the state system of insurance regulation,” said NAMIC analyst Joe Thesing in a statement.
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