SD Insurance Firm To Pay Penalty, Comply With Law
by Associated Press
August 03, 2013 11:48 AM
The state Insurance Division says a South Dakota-based insurance company has agreed to pay a penalty of $25,000 and comply with insurance laws and regulations.
The division says it has completed an examination of ReliaMax Surety Co., which issues surety bonds to insure the repayment of student loans.
Officials say the examination alleged violations of a South Dakota law involving transacting business in other states without proper authority.
ReliaMax has executed a consent order agreeing to conduct business in compliance with South Dakota insurance laws and regulations. The consent order includes a monetary penalty of $25,000.
The Insurance Division says state law requires the examination report to remain confidential for 30 days. The report will be opened for public inspection on Aug. 26.