South Dakota Codified Laws 58-32-39. Record by broker of each surplus line coverage–Violation as misdemeanor
Each broker shall keep in the broker’s office a record of each surplus line coverage procured by the broker, including a copy of each daily report, if any; a copy of each certificate issued by the broker; and the following items as may be applicable:
(1) Amount of the insurance;
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 58-32-39
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Gross premium charged;
(3) Return premium paid, if any;
(4) Rate of premium charged upon the several items of property;
(5) Effective date of the contract, and the terms thereof;
(6) Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by such insurer if less than the entire risk;
(7) Name and address of the insured;
(8) Brief general description of the property or risk insured and where located or to be performed; and
(9) Other information as may be required by the director.
A violation of this section is a Class 2 misdemeanor.
Source: SL 1966, ch 111, ch 11, § 16 (1); SL 1978, ch 359, § 2; SL 2015, ch 260, § 10.