§ 58-32-39 — Record by broker of each surplus line coverage--Violation as misdemeanor.

South Dakota § 58-32-39

• Jurisdiction: South Dakota
• Title 58: INSURANCE
• Ch. 58-32: SURPLUS LINE INSURANCE

Text

Each broker shall keep in the broker's office a record of each surplus line coverage procured by the broker, including a copy of each daily report, if any; a copy of each certificate issued by the broker; and the following items as may be applicable: (1) Amount of the insurance; (2) Gross premium charged; (3) Return premium paid, if any; (4) Rate of premium charged upon the several items of property; (5) Effective date of the contract, and the terms thereof; (6) Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by such insurer if less than the entire risk; (7) Name and address of the insured; (8) Brief general description of the property or risk insured and where located or to be performed; and (9) Other information as may be required by the director. A violation of this section is a Class 2 misdemeanor.

Legislative History

SL 1966, ch 111, ch 11, § 16 (1); SL 1978, ch 359, § 2; SL 2015, ch 260, § 10.