58-32-47. Report of independently procured coverages--Violation as misdemeanor.
194 words·~1 min read·
/sd/title-58/chapter-58-32/58-32-47·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every insured who in this state procures or causes to be procured or continues or renews insurance in an unauthorized foreign insurer, or any self - insurer who in this state so procures or continues excess loss, catastrophe or other insurance, upon a subject of insurance resident, located or to be performed within this state, other than insurance procured through a surplus line broker subject to §§ 58-32-44 and 58-32-45 , shall within thirty days after the date such insurance was so procured, continued or renewed file a written report of the same with the director on forms furnished by the director to the insured, giving the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor, and such additional pertinent information as the director reasonably requests.
If the insurance covers also a subject of insurance resident, located or to be performed outside this state a proper prorata portion of the entire premium payable for all such insurance shall be allocated to this state for the purposes of § 58-32-50 .
Violation of this section is a Class 2 misdemeanor.