South Dakota § 58-14-38 Penalty for violation.

South Dakota Statutes

§ 58-14-38 — Penalty for violation.

South Dakota § 58-14-38

Title 58INSURANCE

Ch. 58-13REINSURANCE

This text of South Dakota § 58-14-38 (Penalty for violation.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-14-38 (2026).

Text

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;

(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.

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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; (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.