Section 58-6-56 - Suspension, revocation, or refusal to renew certificate because of deficiency of assetsor impairment of capital or surplus--Cessation of business in state. - South-dakota Statutes

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Statutes > South-dakota > Title-58 > Chapter-06 > Statute-58-6-56

58-6-56. Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state. Upon suspension, revocation, or refusal to renew the certificate of authority of an insurer on account of deficiency of assets, if a foreign insurer, or failure to cure an impairment of the capital of a domestic stock insurer, or surplus of a reciprocal or domestic mutual insurer, as provided under subdivision 58-6-44(2), every officer and director of the insurer must, either separately or jointly with one or more of the others and within four days after notice of such suspension, revocation, or refusal was given to the insurer by the director, notify by registered or certified mail every person authorized by the insurer, as of immediately prior to such suspension, revocation, or refusal, to write business for the insurer in South Dakota, immediately to cease such writing; and each such person so notified shall immediately cease to write any further business for the insurer in South Dakota.

Source: SL 1966, ch 111, ch 3, § 22 (1); SL 1982, ch 28, § 18.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-06 > Statute-58-6-56

58-6-56. Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state. Upon suspension, revocation, or refusal to renew the certificate of authority of an insurer on account of deficiency of assets, if a foreign insurer, or failure to cure an impairment of the capital of a domestic stock insurer, or surplus of a reciprocal or domestic mutual insurer, as provided under subdivision 58-6-44(2), every officer and director of the insurer must, either separately or jointly with one or more of the others and within four days after notice of such suspension, revocation, or refusal was given to the insurer by the director, notify by registered or certified mail every person authorized by the insurer, as of immediately prior to such suspension, revocation, or refusal, to write business for the insurer in South Dakota, immediately to cease such writing; and each such person so notified shall immediately cease to write any further business for the insurer in South Dakota.

Source: SL 1966, ch 111, ch 3, § 22 (1); SL 1982, ch 28, § 18.

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-06 > Statute-58-6-56

58-6-56. Suspension, revocation, or refusal to renew certificate because of deficiency of assets or impairment of capital or surplus--Cessation of business in state. Upon suspension, revocation, or refusal to renew the certificate of authority of an insurer on account of deficiency of assets, if a foreign insurer, or failure to cure an impairment of the capital of a domestic stock insurer, or surplus of a reciprocal or domestic mutual insurer, as provided under subdivision 58-6-44(2), every officer and director of the insurer must, either separately or jointly with one or more of the others and within four days after notice of such suspension, revocation, or refusal was given to the insurer by the director, notify by registered or certified mail every person authorized by the insurer, as of immediately prior to such suspension, revocation, or refusal, to write business for the insurer in South Dakota, immediately to cease such writing; and each such person so notified shall immediately cease to write any further business for the insurer in South Dakota.

Source: SL 1966, ch 111, ch 3, § 22 (1); SL 1982, ch 28, § 18.