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SD Lawmakers Consider Insurance Regulation Bills

January 17, 2014, 4:45 AM

SD Lawmakers Consider Insurance Regulation Bills
PIERRE, SD -

A South Dakota legislative panel is looking at proposals to improve the regulation of insurance companies.

Gov. Dennis Daugaard has said the proposals were drafted after reports that an insurance company had seriously hurt people. He says current laws do not give the state Division of Insurance adequate authority to protect insurance customers properly.

The House Judiciary Committee on Friday is scheduled to hear testimony on four bills. One sets standards and allows penalties to be imposed on insurance companies that engage in unfair practices. Other measures change the process for imposing penalties on insurance companies and improve the disclosure of information about state investigations of insurance companies.

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