58-21-4. Forfeitures for unauthorized business--Amount--Action to recover. Any such insurer doing business in this state without a valid certificate of authority shall forfeit one hundred dollars for every day it neglects to procure such certificate. Any insurance producer making assurance or soliciting applications for any insurer having no such certificate shall forfeit the sum of three hundred dollars, and any person acting for an insurer authorized to transact business in this state without having the required insurance producer's certificate in the person's possession shall be liable to pay twenty-five dollars for each day's neglect to procure such certificate. Such penalties may be recovered in a civil action in the circuit court of any county in this state.
Source: SL 1966, ch 111, ch 28, § 4; SL 2001, ch 286, § 130.
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