South Dakota Statutes
§ 58-30-174 — Payment, assignment, or sharing of commissions and fees--Limitations.
No insurer or insurance producer may pay or assign a commission, service fee, brokerage fee, or any other valuable consideration for a referral to any person not appropriately licensed pursuant to this chapter unless the payment or assignment is a fixed dollar amount that is not related to the amount of commission or premium for an insurance transaction and that is not dependent upon whether the referral results in a transaction. Nothing in this chapter prohibits a licensed and appointed producer upon receiving a commission from sharing this compensation with other insurance producers if those insurance producers are licensed in the line of business for which the original commission was received. However, no insurance producer who is not appointed may act as an agent of an insurer. An insu
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South Dakota § 58-30-174 (Payment, assignment, or sharing of commissions and fees--Limitations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2001, ch 286, § 34; SL 2004, ch 295, § 2; SL 2005, ch 275, § 1; SL 2015, ch 255, § 1.
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Repealed by SL 2012, ch 252, § 30.§ 58-1-2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.