South Dakota Insurance Division updates crop hail marketing and filing rules, withdraws old rules & more related News Here

It sets a new annual filing deadline of February 15 for all new or amended crop hail and supplemental crop product rate and form filings, and amendments to existing filings for use in a calendar year, to be submitted to the South Dakota Division of Insurance through SERFF. For insurers’ filing and actuarial teams, new documentation requirements for rate filings have been outlined that are based on the NCIS Final Average Loss Cost (FALC), including adoption materials, five-year net loss experience and expenses, loss cost multiplier and support, an actuarial memorandum, and proposed rates. For non-FALC rate filings, the filing now requires five years of experience and expenses, an actuarial memorandum, and proposed rates. As for underwriting and distribution, the South Dakota Division of Insurance states that companion hail products (including production plans) are optional, supplement the underlying MPCI policy, and cannot be marketed as “stand-alone” policies.