South Dakota Codified Laws 58-19-32. Settlement or adjustment of claims by person other than insurer prohibited–Creditor notclaim representative–Payment by group policyholder
Current as of: 2023 | Check for updates
|
Other versions
No plan or arrangement shall be used whereby any person, firm or corporation other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer.
Terms Used In South Dakota Codified Laws 58-19-32
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1966, ch 111, ch 27, § 10 (3).