South Dakota Codified Laws 58-32-25. Financial condition of surplus line insurer–Ascertainment by broker–Violation asmisdemeanor
Current as of: 2023 | Check for updates
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A broker shall not knowingly place surplus line insurance with an insurer that is unsound financially, or that is ineligible under §§ 58-32-21 to 58-32-24, inclusive. The broker shall ascertain the financial condition of the unauthorized insurer to the extent that the same is shown by recent financial statements of the insurer filed with public authorities or published, or as otherwise known to the broker, before placing insurance therewith. Violation of this section is a Class 2 misdemeanor.
Attorney's Note
Under the South Dakota Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 30 days | up to $500 |
Terms Used In South Dakota Codified Laws 58-32-25
- Broker: as used in this chapter means a surplus line broker duly licensed as such under this chapter. See South Dakota Codified Laws 58-32-2
Source: SL 1966, ch 111, ch 11, § 6 (1); SL 1978, ch 359, § 2.