58-30-176. Appointment of insurance producer or business entity as agent of insurer--Submission of notice of appointment.
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/sd/title-58/chapter-58-30/58-30-176·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To appoint an insurance producer or business entity as its agent, the appointing insurer shall file, in a format approved by the director, a notice of appointment within fifteen days from the date the agency contract is executed or the first insurance application is submitted. An insurer may also elect to appoint an insurance producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request. The insurer is responsible for the acts of its representatives and insurance producers, including those acts where the insurance producer has solicited, sold, or negotiated insurance on behalf of that insurer prior to the date of appointment.