S.D. Admin. R. 20:06:01:05.01

Current through Register Vol. 51, page 67, December 16, 2024

Section 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.

S.D. Admin. R. 20:06:01:05.01

29 SDR 84, effective 12/15/2002.

General Authority: SDCL 58-30-195(14)(15).

Law Implemented: SDCL 58-30-91.