2013 South Dakota Codified Laws
Title 58 - INSURANCE
Chapter 32 - Surplus Line Insurance
§ 58-32-25 Financial condition of surplus line insurer--Ascertainment by broker--Violation asmisdemeanor.
58-32-25. Financial condition of surplus line insurer--Ascertainment by broker--Violation as misdemeanor. A broker shall not knowingly place surplus line insurance with an insurer that is unsound financially, or that is ineligible under §§ 58-32-21 to 58-32-24, inclusive. The broker shall ascertain the financial condition of the unauthorized insurer to the extent that the same is shown by recent financial statements of the insurer filed with public authorities or published, or as otherwise known to the broker, before placing insurance therewith. Violation of this section is a Class 2 misdemeanor.
Source: SL 1966, ch 111, ch 11, § 6 (1); SL 1978, ch 359, § 2.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
