State of South Dakota
LEGISLATIVE ASSEMBLY, 2013
||SENATE BILL NO. 62 |
Introduced by: The Committee on Commerce and Energy at the request of the Department of Labor and Regulation
FOR AN ACT ENTITLED, An Act to revise certain requirements regarding when an insurer's certificate of authority may be revoked.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 58-6-46 be amended to read as follows:
58-6-46. The director may refuse to renew or
may suspend or revoke an insurer's certificate of authority if
he the director
finds after a hearing thereon that the insurer has violated or failed to comply with any lawful order of the director, any laws of this state relevant to the business of insurance,
or any provision of this title other than those for which suspension or revocation is mandatory.
Section 2. That § 58-6-49 be amended to read as follows:
All suspensions or revocations of, or refusals Each suspension or revocation of, or refusal
to renew, an insurer's certificate of authority shall be by the director's order given to the insurer as provided by § 58-4-17. If the director finds that the public health, safety, and welfare of insureds is imperiled due to being covered under a policy of insurance by an insurer or carrier whose certificate of authority has been revoked, the director may also order that the insurer or
carrier replace all policies with equivalent policies issued by an authorized insurer in this state or otherwise provide for the transfer of all such risk through an arrangement approved by the director.