South Dakota Codified Laws 58-29B-23. Violation of valid orders–Personal liability for losses suffered by insurer–Commencement of action
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In the event that any person, subject to the provisions of this chapter, including those persons described in § 58-29B-9 shall knowingly violate any valid order of the director issued under §§ 58-29B-13.1 to 58-29B-23, inclusive, and, as a result of such violation, the net worth of the insurer shall be reduced or the insurer shall suffer loss it would not otherwise have suffered, that person shall be personally liable to the insurer for the amount of any such reduction or loss. The director or supervisor may bring an action on behalf of the insurer in the circuit court of Hughes County to recover the amount of the reduction or loss together with any costs.
Terms Used In South Dakota Codified Laws 58-29B-23
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1989, ch 436, § 23.