<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-33A-26 - Corrective action for violations.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s760c7e42e0e54a27b63adfc0c246e079Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s760c7e42e0e54a27b63adfc0c246e079SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s760c7e42e0e54a27b63adfc0c246e079CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s760c7e42e0e54a27b63adfc0c246e079Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s760c7e42e0e54a27b63adfc0c246e079StatuteNumber1 { margin-left: 0.75in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s760c7e42e0e54a27b63adfc0c246e079000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s760c7e42e0e54a27b63adfc0c246e079NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s760c7e42e0e54a27b63adfc0c246e079SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-33A-26 - Corrective action for violations."><meta property="og:description" content="SDLRC Codified Law 58-33A-26 - Corrective action for violations."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-33A-26"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079Normal"><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-26" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079SENU">58-33A-26</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079SENU">. </span><span class="s760c7e42e0e54a27b63adfc0c246e079CL">Corrective action for violations.</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079Statute"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">An insurer is responsible for compliance with §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-13" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-13</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-27" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-27</span></a><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">, inclusive. If a violation occurs because of the action or inaction of the insurer or its producer, the director may order:</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079StatuteNumber1"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">(1)    An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply by the insurer, an entity contracted to perform the insurer s supervisory duties, or by its producer in violation of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-13" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-13</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-27" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-27</span></a><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079StatuteNumber1"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">(2)    A producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-13" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-13</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-27" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-27</span></a><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">, inclusive; and</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079StatuteNumber1"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">(3)    A general agency or independent agency that employs or contracts with a producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-13" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-13</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-27" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-27</span></a><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079Statute"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">Any violation of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-13" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-13</span></a><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-33A-27" rel="noopener"><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">58-33A-27</span></a><span class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont">, inclusive subjects the insurer, producer, or general agency or independent agency to suspension, revocation, refusal to renew a license, or to a monetary penalty as provided for under this title. However, the penalty may be reduced or eliminated, if corrective action for the consumer is taken promptly after a violation is discovered or the violation was not part of a pattern or practice.</span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079Normal"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079000000"> </span></p><p dir="ltr" class="s760c7e42e0e54a27b63adfc0c246e079NoIndent"><span xml:space="preserve" class="s760c7e42e0e54a27b63adfc0c246e079DefaultParagraphFont-000001">Source: </span><span class="s760c7e42e0e54a27b63adfc0c246e079SCL">SL 2008, ch 273, § 14; SL 2012, ch 250, § 14; SL 2022, ch 186, § 28, eff. Jan. 1, 2023.</span></p></div></body></html>