58-33-24. Rebate, discount, or special advantage as misdemeanor--Exception.

No insurer or any employee or representative thereof, and no insurance producer may pay, allow, or give, or offer to pay, allow or give, directly or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in the policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever, not specified in the policy, except to the extent provided for in an applicable filing with the director as provided by law. Any violation of this section is a Class 2 misdemeanor.

Source: SL 1966, ch 111, ch 13, § 16 (1); SL 1978, ch 359, § 2; SL 2001, ch 286, § 202.