LegalFix
Sign In

§ 58-33-112 Documented supervision procedures and controls.

SD Codified L § 58-33-112 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

58-33-112. Documented supervision procedures and controls. An insurance producer, third party administrator, insurer, preferred provider organization, or an agent of the same shall establish and maintain documented supervision procedures and controls that are reasonably designed to achieve compliance with §§ 58-33-93 to 58-33-116, inclusive. The supervisory procedures shall include:

(1) Training;

(2) Internal controls;

(3) Periodic audits;

(4) Supervisory review; and

(5) Monitoring and enforcement of contractual provisions established under §§ 58-33-104 and 58-33-108.

The extent of the supervisory procedures and controls a producer is required to maintain under this section may appropriately reflect the size and complexity of the producer's operations and the scope and nature of the producer's insurance activities.

Source: SL 2007, ch 292, § 20.

Previous Section
§ 58-33-111 Due diligence not required with respect to unassisted health benefit plan where not engaged in transacting of insurance.
Next Section
§ 58-33-113 Continuing education--Summary of supervision procedures and controls.