South Dakota Division of Insurance updates crop hail marketing and filing rules, retracts old rules

It sets a new annual filing deadline of February 15 for all new or revised crop hail and supplemental crop product rate and form filings, and revisions to existing filings intended for use in a calendar year, to be submitted to the South Dakota Division of Insurance via SERFF. For insurers’ filing and actuarial teams, the outlines new documentation expectations for rate filings that are based on NCIS Final Average Loss Cost (FALC), including adoption materials, five-year pure loss experience and expenses, loss cost multipliers and support, an actuarial memorandum, and proposed rates. For non-FALC rate filings, filings now similarly require five-year experience and expenses, an actuarial memorandum, and proposed rates. For underwriting and distribution, the South Dakota Division of Insurance states that companion hail products (including a Production Plan) are optional, supplemental to the underlying MPCI policy, and cannot be marketed as “stand-alone” policies.