South Dakota Codified Laws 58-35-50. Directors’ and officers’ liability for failure to pay claims
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The directors or officers of an insurer are liable in their individual capacity to the person sustaining an insured loss, if they willfully refuse or neglect to make an assessment and collect the obligations owing to the insurer in accordance with the provisions of this chapter.
Terms Used In South Dakota Codified Laws 58-35-50
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1966, ch 111, ch 17, § 31.