South Dakota Codified Laws 58-32-32. Endorsement of contract–Violation as misdemeanor
Current as of: 2023 | Check for updates
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Every insurance contract procured and delivered as a surplus line coverage pursuant to this chapter shall have stamped upon it, and be initialed by or bear the name of the surplus line broker who procured it in ten point or larger, boldface type, the following:
“THIS INSURANCE CONTRACT IS ISSUED BY A NONADMITTED INSURER WHICH IS NOT LICENSED BY NOR UNDER THE JURISDICTION OF THE SOUTH DAKOTA INSURANCE DIRECTOR.”
Attorney's Note
Under the South Dakota Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 30 days | up to $500 |
Terms Used In South Dakota Codified Laws 58-32-32
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Violation of this section is a Class 2 misdemeanor.
Source: SL 1966, ch 111, ch 11, § 9; SL 1978, ch 359, § 2.