South Dakota Codified Law (SDCL) 58-30-91: Records to be maintained by insurance producer—Violation as misdemeanor. The insurance producer shall keep at the insurance producer's place of business records pertaining to transactions under the insurance producer's license and the licenses of the insurance producer's soliciting insurance producers, for a period of at least five years after completion of such transactions. Such records shall show, as to each policy, the name and address of the insured, the form, number, and term of the policy, the general subject of the insurance, and the general nature of the coverage. Nothing in this section precludes an insurance producer who receives compensation substantially in the form of a salary from sending such records to the home or regional office of the insurer in lieu of maintaining such records in this state.
Any violation of this section is a Class 2 misdemeanor.
Source: SL 1966, Chapter 111, Chapter 9, 26 (3); SL 1978, Chapter 359, 2; SL 2001, Chapter 286, 175.
Administrative Rule of South Dakota 20:06:01:05.01: Records to be maintained by producers. The following types of records are business records pertaining to transactions under the insurance producer's license and are required to be kept pursuant to SDCL 58-30-91:
Nothing in this section requires a producer to maintain originals of records. Copies may be retained in any form that provides an authentic copy, including electronic format. Records which were never in the producer's possession are not required to be obtained for purposes of compliance with this section.
Source: 29 SDR 84, effective December 15, 2002.
General Authority: SDCL 58-30-195(14)(15).
Law Implemented: SDCL 58-30-91.