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§ 58-30-133 Penalties for violation by managing general agent.

SD Codified L § 58-30-133 (2019) (N/A)
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58-30-133. Penalties for violation by managing general agent. If the director finds after hearing that any person has violated any provision of §§ 58-30-124 to 58-30-139, inclusive, the director may order one or all of the following:

(1) For each separate violation, a penalty in an amount of not more than twenty-five thousand dollars;

(2) Revocation or suspension of the license or authority; or

(3) The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of §§ 58-30-124 to 58-30-139, inclusive, committed by the managing general agent.

Nothing contained in this section affects the right of the director to impose any other penalties provided for in the insurance law.

Source: SL 1992, ch 353, § 10.

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