S.D. Admin. R. 20:06:01:02

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:01:02 - Determination of penalty amount

In determining the penalty for a violation of an insurance law by an agent, broker, or insurer, the director may consider, but is not limited to, the following factors:

(1) Prior violations of the law by the agent, broker, or insurer;

(2) Number of violations of a statute;

(3) Number of statutes violated;

(4) Penalties assessed against other agents, brokers, or insurers for the same violations;

(5) Magnitude of the harm to the public and insured; and

(6) Any mitigating circumstances.

S.D. Admin. R. 20:06:01:02

15 SDR 143, effective 3/29/1989; 16 SDR 208, effective 6/3/1990; 31 SDR 21, effective 8/23/2004.

General Authority: SDCL 58-4-1, 58-30-195(1)(7).

Law Implemented: SDCL 58-4-28.1, 58-30-167.