South Dakota Statutes
§ 58-30-126 — License required--Bond or errors and omissions policy.
No person may act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed insurance producer in this state. No person may act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as an insurance producer in this state. The license may be a nonresident license. The director may require the managing general agent to obtain a bond or an errors and omissions policy in an amount acceptable to the director for the protection of the insurer.
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South Dakota § 58-30-126 (License required--Bond or errors and omissions policy.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1992, ch 353, § 3; SL 2001, ch 286, § 189.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.