Section 58-32-25 - Financial condition of surplus line insurer--Ascertainment by broker--Violation as misdemeanor

58-32-25. Financial condition of surplus line insurer--Ascertainment by broker--Violation as misdemeanor.A broker shall not knowingly place surplus line insurance with an insurer that is unsound financially, or that is ineligible under §§58-32-21 to 58-32-24, inclusive. The broker shall ascertain the financial condition of the unauthorized insurer to the extent that the same is shown by recent financial statements of the insurer filed with public authorities or published, or as otherwise known to the broker, before placing insurance therewith. Violation of this section is a Class 2 misdemeanor. Source: SL 1966, ch 111, ch 11, §6 (1); SL 1978, ch 359, §2.