§ 58-29B-95 No liability for unearned premiums or uncollected earned premiums before declaration of insolvency--Recovery of unearned premium representing commission--Credits or setoffs--Obligations of uninsured.

SD Codified L § 58-29B-95 (2019) (N/A)

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58-29B-95. No liability for unearned premiums or uncollected earned premiums before declaration of insolvency--Recovery of unearned premium representing commission--Credits or setoffs--Obligations of uninsured. No insurance producer, premium finance company, or any other person, responsible for the payment of a premium at the time of the declaration of insolvency, may be held liable for payment of collected or uncollected unearned premiums or for uncollected earned premiums as shown on the records of the insurer. The liquidator has the right to recover from the person any part of an unearned premium that represents commission of the person. Credits or setoffs or both may not be allowed to an insurance producer, or premium finance company for any amounts advanced to the insurer by the insurance producer or premium finance company on behalf of, but in the absence of a payment by, the insured. An insured is obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the insurer.

Source: SL 1989, ch 436, § 95; SL 1990, ch 403; SL 1995, ch 288, § 2; SL 2001, ch 286, § 147.

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§ 58-29B-94.1 Association election to succeed to rights and obligations of insolvent insurer under reinsurance contract--Reinsurer's liability to pay claims.

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§ 58-29B-96 Course of action upon violation of § 58-29B-95--Director's options.