South Dakota § 58-33A-26 - Corrective action for violations.
Full text of South Dakota South Dakota Codified Laws § 58-33A-26 — Corrective action for violations., with citation guidance and answers to common questions.
§ 58-33A-26. Corrective action for violations.
An insurer is responsible for compliance with §§ 58-33A-13 to 58-33A-27, inclusive. If a violation occurs because of the action or inaction of the insurer or its producer, the director may order:
(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply by the insurer, an entity contracted to perform the insurer’s supervisory duties, or by its producer in violation of §§ 58-33A-13 to 58-33A-27, inclusive;
(2) A producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§ 58-33A-13 to 58-33A-27, inclusive; and
(3) A general agency or independent agency that employs or contracts with a producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§ 58-33A-13 to 58-33A-27, inclusive.
Any violation of §§ 58-33A-13 to 58-33A-27, inclusive subjects the insurer, producer, or general agency or independent agency to suspension, revocation, refusal to renew a license, or to a monetary penalty as provided for under this title. However, the penalty may be reduced or eliminated, if corrective action for the consumer is taken promptly after a violation is discovered or the violation was not part of a pattern or practice.
Source: SL 2008, ch 273, § 14; SL 2012, ch 250, § 14; SL 2022, ch 186, § 28, eff. Jan. 1, 2023.
Frequently Asked Questions About South Dakota § 58-33A-26
What does South Dakota Codified Laws § 58-33A-26 cover?
Section 58-33A-26 ("Corrective action for violations.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-33A-26?
A common citation format is "South Dakota Codified Laws § 58-33A-26" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-33A-26 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.