Penalties for failure to report

An insurer, the authorized representative of the insurer, or insurance producer that fails to report as required under the provisions of §§ 58-30-141 to 58-30-195 , inclusive, or that is found to have reported with actual malice by a court of competent jurisdiction may, after notice and hearing, have its license or certificate of authority suspended or revoked and may be assessed a monetary penalty in accordance with § 58-4-28.1 . Source: SL 2001, ch 286 , § 52.