SDCL § 58-32-11: Suspension or revocation of license of surplus line broker--Grounds.

The director may suspend or revoke any surplus line broker's license:

(1) If the broker fails to file his annual statement or to remit the tax as required by this chapter; or

(2) If the broker fails to keep records, or to allow the director to examine his records as required by this chapter; or

(3) If the broker knowingly or negligently places a surplus line coverage in an insurer that is in unsound financial condition in violation of § 58-32-25; or

(4) For any other cause for which a general lines agent's license may be suspended or revoked.