In the event that any person, subject to the provisions of this chapter, including those persons described in § 58-29B-9 shall knowingly violate any valid order of the director issued under §§ 58-29B-13.1 to 58-29B-23, inclusive, and, as a result of such violation, the net worth of the insurer shall be reduced or the insurer shall suffer loss it would not otherwise have suffered, that person shall be personally liable to the insurer for the amount of any such reduction or loss. The director or supervisor may bring an action on behalf of the insurer in the circuit court of Hughes County to recover the amount of the reduction or loss together with any costs.
S.D. Codified Laws § 58-29B-23
Violation of valid orders--Personal liability for losses suffered by insurer--Commencement of action
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58–58 (167 sections).
Source: SL 1989, ch 436, § 23.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.