§ 58-32-47 Report of independently procured coverages--Violation as misdemeanor.

SD Codified L § 58-32-47 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

58-32-47. Report of independently procured coverages--Violation as misdemeanor. Every insured who in this state procures or causes to be procured or continues or renews insurance in an unauthorized foreign insurer, or any self-insurer who in this state so procures or continues excess loss, catastrophe or other insurance, upon a subject of insurance resident, located or to be performed within this state, other than insurance procured through a surplus line broker subject to §§ 58-32-44 and 58-32-45, shall within thirty days after the date such insurance was so procured, continued or renewed file a written report of the same with the director on forms furnished by the director to the insured, giving the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor, and such additional pertinent information as the director reasonably requests. If the insurance covers also a subject of insurance resident, located or to be performed outside this state a proper prorata portion of the entire premium payable for all such insurance shall be allocated to this state for the purposes of § 58-32-50.

Violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 11, § 22 (1); SL 1978, ch 359, § 2.

Previous Section

§ 58-32-46 Fine for failure to remit tax or to file annual statement or uniform report--Collection.

Next Section

§ 58-32-48 Negotiations, application, or premium payment bringing independently procured coverages within jurisdiction.