58-29B-53. Duties of insurance producer upon notice of liquidation.
191 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-53·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every person who receives notice in the form prescribed in § 58-29B-51 that an insurer which the person represents is the subject of a liquidation order shall, within five days of the notice, give written notice of the liquidation order by first class mail to the last known address contained in the insurance producer's records to each policyholder or other person named in any policy issued through the insurance producer by the insurer. A policy is deemed issued through an insurance producer if the insurance producer has a property interest in the expiration of the policy at any time during the life of the policy, unless the ownership of the expiration of the policy has been transferred to another.
The written notice shall include the name and address of the insurer, the name and address of the insurance producer, identification of the policy impaired, and the nature of the impairment including termination of coverage, as described in § 58-29B-47 . Each insurance producer obligated to give notice under this section shall file a report of compliance with the liquidator within five days of the receipt of the notice from the liquidator.