South Dakota § 58-33-112 Documented supervision procedures and controls.

South Dakota Statutes

§ 58-33-112 — Documented supervision procedures and controls.

South Dakota·Title 58 INSURANCE·Ch. 58-32 UNFAIR TRADE PRACTICES

An insurance producer, third party administrator, insurer, preferred provider organization, or an agent of the same shall establish and maintain documented supervision procedures and controls that are reasonably designed to achieve compliance with §§ 58-33-93 to 58-33-116 , inclusive. The supervisory procedures shall include:

(1)Training;

(2)Internal controls;

(3)Periodic audits;

(4)Supervisory review; and (5) Monitoring and enforcement of contractual provisions established under §§ 58-33-104 and 58-33-108 . The extent of the supervisory procedures and controls a producer is required to maintain under this section may appropriately reflect the size and complexity of the producer's operations and the scope and nature of the producer's insurance activities.

Free access — add to your briefcase to read the full text and ask questions with AI

An insurance producer, third party administrator, insurer, preferred provider organization, or an agent of the same shall establish and maintain documented supervision procedures and controls that are reasonably designed to achieve compliance with §§ 58-33-93 to 58-33-116 , inclusive. The supervisory procedures shall include: (1) Training; (2) Internal controls; (3) Periodic audits; (4) Supervisory review; and (5) Monitoring and enforcement of contractual provisions established under §§ 58-33-104 and 58-33-108 . The extent of the supervisory procedures and controls a producer is required to maintain under this section may appropriately reflect the size and complexity of the producer's operations and the scope and nature of the producer's insurance activities.

South Dakota § 58-33-112 (Documented supervision procedures and controls.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.