Department of Labor and Regulation

<Title - Division of Insurance email the Division of Insurance

Agent Recordkeeping

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:

  1. Applications
  2. Binders and certificates of coverage
  3. Claim reports
  4. Declarations or daily pages for personal and commercial lines
  5. Lapse notices
  6. Claim checks issued by producer
  7. Change requests that relate to policy or coverage changes
  8. Cash receipts
  9. Account payable invoices
  10. Account payable ledger
  11. Account receivable invoices
  12. Account receivable ledgers
  13. Bank records for any account through which insurance business is transacted including deposits by item, cancelled checks, electronic and other transfers, and monthly statements. If co-mingled, a delineation of those funds that are trust monies
  14. Producer's commissions
  15. Licenses
  16. Agency contracts
  17. Check registers
  18. Correspondence, telephone and written notes, and other communications, including electronic, that document coverage placed or premium transactions
  19. Delivery receipts (copies of) and proof of delivery
  20. All company commission statements
  21. New business transmittal forms and
  22. Communications concerning commission charge backs

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.


Division of Insurance
445 E. Capitol Avenue
Pierre, SD 57501
Tel. 605.773.3563
Fax. 605.773.5369