58-4-28.1. Money penalty in lieu of license suspension or other action--Hearing.
In any case in which the director has the power to deny an application or registration, or to revoke, refuse to renew, or suspend the license of any insurance producer, administrator, licensee, or entity required to be registered under this title, or the certificate of authority of any insurance company or health maintenance organization, the director may impose a specified money penalty to be paid within a specified time in lieu of a license suspension or other permitted action. No penalty may be imposed under this section prior to a hearing conducted pursuant to chapter 1-26 unless the applicant, licensee, or registrant agrees to the penalty in writing.
The money penalty may not exceed five thousand dollars for an insurance producer or twenty-five thousand dollars for an insurer, administrator, health maintenance organization, licensee, or registrant for each offense.
Source: SL 1971, ch 273; SL 1974, ch 308; SL 2000, ch 235, §1; SL 2001, ch 286, §66; SL 2014, ch 233, §1.
Structure South Dakota Codified Laws
Chapter 04 - Enforcement Powers And Proceedings
Section 58-4-5 - Enforcement proceedings instituted by director.
Section 58-4-6 - Proceedings instituted by director--Legal representation.
Section 58-4-7 - Cease and desist order to prevent violations of title--Injunction.
Section 58-4-9 - Hearings by director--Purpose.
Section 58-4-15 - Orders and notices of director required to be in writing--Signature.
Section 58-4-16 - Order of director--Effective date--Contents.
Section 58-4-17 - Service of orders and notices of director.
Section 58-4-18 - Prosecution of action for enforcement of director's order.
Section 58-4-25 - Formal rules of pleading or evidence not observed at director's hearing.
Section 58-4-28.1 - Money penalty in lieu of license suspension or other action--Hearing.
Section 58-4-39 - Standards for determining hazardous financial condition.
Section 58-4-40 - Authority of director in determining insurer's financial condition.
Section 58-4-41 - Director's order to hazardous insurer.
Section 58-4-42 - Hearings on director's orders.
Section 58-4-43 - Application of hazardous insurer provisions.
Section 58-4-45 - Confidentiality of certain documents.
Section 58-4-46 - Liability for release of information.
Section 58-4-48 - Minimum levels of risk-based capital required--Administrative rules.
Section 58-4-49 - Disclosure of status, existence, or outcome of investigation or examination.
Section 58-4-50 - Definitions.
Section 58-4-51 - Confidentiality of list of premium taxpayers--Violation as misdemeanor.
Section 58-4-53 - Disclosure of premium tax return and information to taxpayer.