ARSD 20:69:15:03. Minimum standards

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) 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) An annual aggregate limit of not less than $500,000 per licensee; (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) Coverage for the vicarious liability for current or previously employed or contracted individuals; (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) 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) Stacking of benefits. The minimum coverage applies to each individual licensee.