Within thirty days of issuance of a license as a resident surplus line broker and before procuring any insurance coverage for an insured, the broker shall file with the director, and thereafter for as long as the license remains in effect the broker shall keep in force, a bond in favor of the State of South Dakota in the penal sum of two thousand dollars with an authorized corporate surety approved by the director. The bond shall be conditioned upon the broker conducting business under the license in accordance with the provisions of this chapter and promptly remitting the taxes pursuant to §§ 58-32-44 and 58-32-45. No such bond may be terminated unless at least thirty days’ prior written notice of the termination is given to the broker and filed with the director.

Terms Used In South Dakota Codified Laws 58-32-10.1

  • Broker: as used in this chapter means a surplus line broker duly licensed as such under this chapter. See South Dakota Codified Laws 58-32-2
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2

Source: SL 2003, ch 253, § 1.

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