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Division of Insurance - Producer Information
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 a home, zone, or regional office of the insurer from maintaining such business records in lieu of an insurance producer maintaining the records so long as the insurance producer receives compensation substantially in the form of a salary or produces seventy-five percent or more of his or her insurance business, based on gross premiums written, with one insurer or group of insurers subject to common management or ownership.
Any violation of this section is a Class 2 misdemeanor.
Source: SL 1966, ch 111, ch 9, § 26 (3); SL 1978, ch 359, § 2; SL 2001, ch 286, § 175; SL 2009, ch 268, § 1.
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:
- Binders and certificates of coverage;
- Claim reports;
- Declarations or daily pages for personal and commercial lines;
- Lapse notices;
- Claim checks issued by producer;
- Change requests that relate to policy or coverage changes;
- Cash receipts;
- Account payable invoices;
- Account payable ledger;
- Account receivable invoices;
- Account receivable ledgers;
- Bank records for any account through which insurance business is transacted including deposits by item, canceled checks, electronic and other transfers, and monthly statements. If co-mingled, a delineation of those funds that are trust monies;
- Producer's commissions;
- Agency contracts;
- Check registers;
- Correspondence, telephone and written notes, and other communications, including electronic, that document coverage placed or premium transactions;
- Delivery receipts (copies of) and proof of delivery;
- All company commission statements;
- New business transmittal forms; and
- 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.
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