AN ACT
ENTITLED, An Act to
provide procedural requirements for ineligibility orders issued by the division
of insurance and to repeal a surplus line insurer's responsibility to remit surplus lines tax not
remitted by an unlicensed surplus lines broker.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 58-32-24 be amended to read as follows:
58-32-24. The insurer with which surplus line insurance is placed shall be in compliance with either subdivision 58-32-22(1), (2), or (3) and not be ineligible as a surplus line insurer by order of the director received by or known to the broker. The director may issue such an order of ineligibility if the director finds, after a hearing conducted pursuant to chapter 1-26, that the insurer:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 58-32-24 be amended to read as follows:
58-32-24. The insurer with which surplus line insurance is placed shall be in compliance with either subdivision 58-32-22(1), (2), or (3) and not be ineligible as a surplus line insurer by order of the director received by or known to the broker. The director may issue such an order of ineligibility if the director finds, after a hearing conducted pursuant to chapter 1-26, that the insurer:
(1)
Does not meet the requirements of
§
§
58-32-21 to 58-32-25, inclusive;
(2)
Has without just cause refused to pay claims arising under its contracts in the United
States or has otherwise conducted its affairs in such manner as to result in injury or loss
to the insuring public of the United States;
(3)
Has failed to file the annual statement required in
§
58-32-16.1;
(4)
Has failed to provide information within twenty days of a request from the division;
(5)
Has utilized surplus lines brokers who were not properly licensed in this state; or
(6)
Has failed, within thirty days after notice, to provide the name of the broker that placed
the insurance and the name of the insured.
An Act to provide procedural requirements for ineligibility orders issued by the division of insurance and to repeal a surplus line insurer's responsibility to remit surplus lines tax not remitted by an unlicenced surplus lines broker.
An Act to provide procedural requirements for ineligibility orders issued by the division of insurance and to repeal a surplus line insurer's responsibility to remit surplus lines tax not remitted by an unlicenced surplus lines broker.
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I certify that the attached Act originated in the
HOUSE as
Bill
No.
1153
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____________________________
Chief Clerk
Chief Clerk
____________________________
Speaker of the House
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
House
Bill
No.
1153
File No. ____
Chapter No. ______=========================
Received at this Executive Office this _____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State
