2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 29C - Life And Health Insurance Guaranty Association
§ 58-29C-54 Duties and powers of director.

58-29C-54. Duties and powers of director. In addition to the duties and powers enumerated elsewhere in this chapter,

A. The director shall:

(1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer;

(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this chapter.

B. The director may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the director may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture may not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than one hundred dollars per month.

C. A final action of the board of directors or the association may be appealed to the director by a member insurer if the appeal is taken within sixty days of its receipt of notice of the final action being appealed. A final action or order of the director shall be subject to judicial review in a court of competent jurisdiction in accordance with the laws of this state that apply to the actions or orders of the director.

D. The liquidator, rehabilitator, or conservator of an impaired or insolvent insurer may notify all interested persons of the effect of this chapter.

Source: SL 2003, ch 252, § 11; SL 2013, ch 252, § 7.