Any insurance producer failing to give notice or file a report of compliance as required in § 58-29B-53 may be subject to payment of a penalty of not more than one thousand dollars and may have the insurance producer's license suspended, which may only be imposed after a hearing held by the director. The liquidator may waive the duties imposed by § 58-29B-53 if he determines that other notice to the policyholders of the insurer under liquidation is adequate.
S.D. Codified Laws § 58-29B-54
Failure of insurance producer to comply with § 58-29B-53--Penalty--Liquidator's waiver of duties
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58-29B-1 to 58-29B-99 (167 sections).
Source: SL 1989, ch 436, § 54; SL 2001, ch 286, § 146.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.