58-5A-63. Transactions or contracts entered into without approval--Cease and desist order by director.
106 words·~1 min read·
/sd/title-58/chapter-58-5/58-5a-63A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If any insurer subject to this chapter or any director, officer, employee, or agent has engaged in any transaction or entered into a contract which is subject to §§ 58-5A-32 , 58-5A-34 , 58-5A-35 , 58-5A-56 , 58-5A-58 , and 58-5A-59 and which would not have been approved had approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the director may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public.