Any agent or broker, insurer or reinsurer found by the director, after a hearing conducted in accordance with chapter 1-26, to be in violation of any provision of §§ 58-14-24 to 58-14-42, inclusive, shall:

(1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars;

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Terms Used In South Dakota Codified Laws 58-14-38

  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

(2) Be subject to revocation or suspension of its license; and

(3) If a violation was committed by the agent or broker, the agent or broker shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.

Source: SL 1992, ch 345, § 15.