58-29B-54. Failure of insurance producer to comply with §58-29B-53--Penalty--Liquidator's waiver of duties.Any insurance producer failing to give notice or file a report of compliance as required in §58-29B-53 may be subject to payment of a penalty of not more than one thousand dollars and may have the insurance producer's license suspended, which may only be imposed after a hearing held by the director. The liquidator may waive the duties imposed by §58-29B-53 if he determines that other notice to the policyholders of the insurer under liquidation is adequate. Source: SL 1989, ch 436, §54; SL 2001, ch 286, §146.
South Dakota Legal Code