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§ 58-32-39 Record by broker of each surplus line coverage--Violation as misdemeanor.

SD Codified L § 58-32-39 (2019) (N/A)
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58-32-39. Record by broker of each surplus line coverage--Violation as misdemeanor. Each broker shall keep in the broker's office a record of each surplus line coverage procured by the broker, including a copy of each daily report, if any; a copy of each certificate issued by the broker; and the following items as may be applicable:

(1) Amount of the insurance;

(2) Gross premium charged;

(3) Return premium paid, if any;

(4) Rate of premium charged upon the several items of property;

(5) Effective date of the contract, and the terms thereof;

(6) Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by such insurer if less than the entire risk;

(7) Name and address of the insured;

(8) Brief general description of the property or risk insured and where located or to be performed; and

(9) Other information as may be required by the director.

A violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 11, § 16 (1); SL 1978, ch 359, § 2; SL 2015, ch 260, § 10.

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