58-14-38. Penalty for violation.
107 words·~1 min read·
/sd/title-58/chapter-58-14/58-14-38·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any agent or broker, insurer or reinsurer found by the director, after a hearing conducted in accordance with chapter 1-26 , to be in violation of any provision of §§ 58-14-24 to 58-14-42 , inclusive, shall:
(1)For each separate violation, pay a penalty in an amount not exceeding five thousand dollars;
(2)Be subject to revocation or suspension of its license; and
(3)If a violation was committed by the agent or broker, the agent or broker shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.