For Immediate Release: Wednesday, July 31, 2013
Media Contact: Dawn Dovre, 605-773-3094
State Insurance Division Completes ReliaMax Surety Exam
PIERRE, S.D. -- The South Dakota Division of Insurance (DOI) has completed a market conduct examination of ReliaMax Surety Company (ReliaMax Surety). This South Dakota based insurance company issues surety bonds insuring the repayment of student loans.
The DOI examination alleged violations of South Dakota Codified Law (SDCL) 58-6-2 by ReliaMax Surety between Jan. 1, 2006, and May 15, 2011. This statute involves transacting business in other states without proper authority.
ReliaMax Surety has executed a consent order agreeing to conduct business in accordance with South Dakota insurance laws and regulations. The consent order includes additional terms and a monetary penalty of $25,000.
The examination report of the company must remain confidential for 30 days pursuant to SDCL 58-3-14. The director will open the report for public inspection and post at dlr.sd.gov/insurance on Aug. 26.
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