S.D. Admin. R. 20:06:08:55

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:08:55 - Insurer record keeping requirements

Each insurer must have the capacity to monitor each producer's life insurance policy and annuity contract replacements for that insurer, and must produce, upon request, and make such records available to the director. The capacity to monitor must include the ability to produce records for each producer's:

(1) Life replacements, including financed purchases, as a percentage of the producer's total annual sales for life insurance;

(2) Number of lapses of policies by the producer as a percentage of the producer's total annual sales for life insurance;

(3) Annuity contract replacements as a percentage of the producer's total annual annuity contract sales;

(4) Number of transactions that are unreported replacements of existing policies or contracts by the existing insurer detected by the company's monitoring system as required by subdivision 20:06:08:54(5); and

(5) Replacements, indexed by replacing producer and existing insurer.

S.D. Admin. R. 20:06:08:55

39 SDR 55, effective 10/4/2012.

General Authority: SDCL 58-33A-7(10).

Law Implemented: SDCL 58-33-5, 58-33-6, 58-33-7, 58-33-8, 58-33A-1, 58-33A-2.