Before a person may sell a variable contract, the person must:

1. (1) Pass the life insurance examination and be licensed as a life insurance agent under SDCL Title 58;
2. (2) Pass either a series 6, series 7, series 63, or series 66 examination given by the Financial Industry Regulatory Authority; and

3. (3) File a form approved by the director requesting to have variable annuities, variable life, or both, added as lines to the license.

   A nonresident agent must also submit an original home state certification which is not more than 90 days old.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 117, effective January 19, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 16 SDR 208, effective June 3, 1990; 23 SDR 55, effective October 20, 1996; 24 SDR 67, effective November 23, 1997 ; 46 SDR 26, effective September 4, 2019 .

General Authority: SDCL 58-28-31.

Law Implemented: SDCL 58-28-31.

Prior versions effective: 1997-11-23.