Failure to file a registration statement, enterprise risk report, or keep the registration statement current within the time specified in this chapter is a violation of this title. Any insurer failing, without just cause, to file any registration statement or amendment as required in this chapter shall pay a penalty of not less than one hundred dollars for each day's delay, but not to exceed twenty-five thousand dollars. The director may reduce or waive the penalty if the insurer demonstrates to the director that the imposition of the penalty constitutes a financial hardship to the insurer.

Source: SL 1972, ch 267 , §§ 24, 36; SDCL Supp, § 58-5A-42 ; SL 1978, ch 359 , § 2; SL 1992, ch 341 , § 19; SL 2015, ch 246 , § 10.