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. (1) Prior violations of the law by the agent, broker, or insurer;
2. (2) Number of violations of a statute;
3. (3) Number of statutes violated;
4. (4) Penalties assessed against other agents, brokers, or insurers for the same violations;
5. (5) Magnitude of the harm to the public and insured; and
6. (6) Any mitigating circumstances.

Source: 15 SDR 143, effective March 29, 1989; 16 SDR 208, effective June 3, 1990; 31 SDR 21, effective August 23, 2004.

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

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