This error pops up when you lose CDMA (1XEV) connectivity in the US and the phone attempts to connect to a GSM network (you can duplicate if you force your Storm to GSM network technology) and you have a Global SIM card installed (and most of us do). The kicker is that the message "SIM Card Rejected" doesn't go away until your hard reboot - even after you've reconnected to the CDMA network.

So, if you're not using your Global SIM (if you are, call VZW and ask for Global Support - they can activate your SIM), you can just force CDMA only on the phone, do a battery pull, and you'll never see this again. I assume some future firmware update will handle this error better by making it go away once you're back on CDMA, but for now - this is what I had to do:

1. Select Options from the menu:
   
2. Select Mobile Network Options:
   
3. Change the Network Technology from Global to 1XEV:
   

4. Pull the battery out, put it back in, and once it reboots - the error will be gone and won't reappear.