South Dakota Codified Laws 58-30-167. Causes for suspension, revocation, refusal to issue or renew license, or monetary penalty–Notice–Hearing–Final determination
The director may suspend for not more than twelve months, or may revoke or refuse to continue, any license issued under this chapter, or any license of a surplus lines broker after a hearing. Notice of such hearing and of the charges against the licensee shall be given to the licensee and to the insurers represented by such licensee or to the appointing agent of a producer at least twenty days before the hearing. The director may suspend, revoke, or refuse to issue or renew an insurance producer’s license or may accept a monetary penalty in accordance with § 58-4-28.1 or any combination thereof, for any one or more of the following causes:
(1) Providing incorrect, misleading, incomplete, or materially untrue information in the license application;
Terms Used In South Dakota Codified Laws 58-30-167
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
- Subpoena: A command to a witness to appear and give testimony.
(2) Violating any insurance laws or rules, subpoena, or order of the director or of another state‘s insurance director, commissioner, or superintendent;
(3) Obtaining or attempting to obtain a license through misrepresentation or fraud;
(4) Withholding, misappropriating, or converting any monies or properties received in the course of doing insurance business;
(5) Intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance;
(6) Having been convicted of a felony;
(7) Having admitted or been found to have committed any insurance unfair trade practice or fraud;
(8) Using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness, or financial irresponsibility in the conduct of business in this state or elsewhere;
(9) Having an insurance producer license, or its equivalent, denied, suspended, or revoked in any other state, province, district, or territory;
(10) Forging another’s name to an application for insurance or to any document related to an insurance transaction;
(11) Using notes or any other reference material to complete an examination for an insurance license;
(12) Knowingly accepting insurance business from an individual who sells, solicits, or negotiates insurance and is not licensed; or
(13) Failing to comply with an administrative or court order imposing a child support obligation.
At the conclusion of the matter, the director shall send a letter to the licensee, the insurers represented by such licensee, and the appointing agent of a producer, stating the final determination of the matter.
Source: SL 2001, ch 286, § 27; SL 2002, ch 240, § 8; SL 2006, ch 263, § 1.