No person may issue or deliver or permit its insurance producers, officers, or employees to issue or deliver, agency company stock or other capital stock, or benefit certificates or shares in any common law corporation, or any advisory board contract or other similar contract of any kind promising returns and profits as an inducement to insurance. Any violation of this section is a Class 2 misdemeanor.
S.D. Codified Laws § 58-33-11
Stock operations and advisory board contracts as inducement--Misdemeanor
Known as the Unauthorized Insurers False Advertising Process Act
The act spans §§ 58–58 (145 sections).
Source: SL 1966, ch 111, ch 13, § 11; SL 1978, ch 359, § 2; SL 2001, ch 286, § 200.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.