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

1. (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. (2) An annual aggregate limit of not less than $500,000 per licensee;
3. (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. (4) Coverage for the vicarious liability for current or previously employed or contracted individuals;
5. (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. (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. (7) Stacking of benefits.

   The minimum coverage applies to each individual licensee.

Source: 20 SDR 18, effective August 16, 1993.

General Authority: SDCL 36-21A-119.

Law Implemented: SDCL 36-21A-121.