58-4A-14. Insurance fraud prevention unit fund--Assessment of insurers--Conditions--Failure to pay as grounds for administrative action.
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/sd/title-58/chapter-58-4/58-4a-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Division of Insurance shall assess each insurer holding a certificate of authority to transact the business of insurance in this state a fee of two hundred fifty dollars to be remitted and payable to the Division of Insurance to be deposited in a separate account, entitled the insurance fraud prevention unit fund. The Division of Insurance may not make an assessment until the fund falls below one hundred thousand dollars. If the fund falls below one hundred thousand dollars, the Division of Insurance shall notify each insurer of its payment obligation.
Upon receipt of the notice of assessment from the Division of Insurance each insurer shall immediately make a two hundred fifty dollar payment to the fund. Failure of an insurer to submit full payment of the assessment to the division within twenty days of receipt of the notice of assessment, unless good cause is shown, may be grounds for administrative action to be taken by the division against an insurer.