An insurance producer, third party administrator, insurer, preferred provider organization, or an agent of the same shall establish and maintain documented supervision procedures and controls that are reasonably designed to achieve compliance with §§ 58-33-93 to 58-33-116, inclusive. The supervisory procedures shall include:
(1) Training;
(2) Internal controls;
(3) Periodic audits;
(4) Supervisory review; and
(5) Monitoring and enforcement of contractual provisions established under §§ 58-33-104 and 58-33-108.
The extent of the supervisory procedures and controls a producer is required to maintain under this section may appropriately reflect the size and complexity of the producer's operations and the scope and nature of the producer's insurance activities.