South Dakota § 58-30-133 Penalties for violation by managing general agent.

South Dakota Statutes

§ 58-30-133 — Penalties for violation by managing general agent.

South Dakota·Title 58 INSURANCE·Ch. 58-29F INSURANCE PRODUCERS

If the director finds after hearing that any person has violated any provision of §§ 58-30-124 to 58-30-139 , inclusive, the director may order one or all of the following:

(1)For each separate violation, a penalty in an amount of not more than twenty - five thousand dollars;

(2)Revocation or suspension of the license or authority; or (3) The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of §§ 58-30-124 to 58-30-139 , inclusive, committed by the managing general agent. Nothing contained in this section affects the right of the director to impose any other penalties provided for in the insurance law.

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If the director finds after hearing that any person has violated any provision of §§ 58-30-124 to 58-30-139 , inclusive, the director may order one or all of the following: (1) For each separate violation, a penalty in an amount of not more than twenty - five thousand dollars; (2) Revocation or suspension of the license or authority; or (3) The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of §§ 58-30-124 to 58-30-139 , inclusive, committed by the managing general agent. Nothing contained in this section affects the right of the director to impose any other penalties provided for in the insurance law.

South Dakota § 58-30-133 (Penalties for violation by managing general agent.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.