58-6-12. Unauthorized insurers--Application of insurer violating insurance laws for authority to transact insurance in state--Payment of back premium taxes.
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/sd/title-58/chapter-58-6/58-6-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any insurer, not before authorized in this state, which, within three years prior to its application for authority to transact insurance in South Dakota, transacted insurance in violation of the laws of South Dakota, may not be granted authority unless it is otherwise fully qualified. In addition, it shall file with the director of the Division of Insurance a written statement, sworn to by two of its executive officers, of all premiums received by it during the three years with respect to insurance on subjects resident, located or to be performed in South Dakota, and shall pay to the director, as an additional fee for the filing of its application for a certificate of authority, an amount of money equal to the premium tax which it would have paid if it had been an authorized insurer in this state throughout that period, plus interest thereon at the Category D rate of interest as established in § 54-3-16 .