58-32-43. Records of interstate commerce coverage--Report to director--Violation as misdemeanor.
110 words·~1 min read·
/sd/title-58/chapter-58-32/58-32-43·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Licensed insurance producers and brokers placing any insurance enumerated in subdivisions 58-32-5(1) to (4), inclusive, with an authorized insurer shall keep a record of each such coverage in detail as required of surplus line insurance under this chapter. The record shall be preserved for not less than five years from the effective date of the insurance and shall be kept available in this state for examination by the director. The broker shall furnish to the director at the director's request and on forms furnished by the director a report of all such coverages so placed in a designated calendar year. Any violation of this section is a Class 2 misdemeanor.