South Dakota Codified Laws 58-14-30. Records of reinsurance contracts
For at least ten years after expiration of each contract of reinsurance transacted by the agent or broker, the agent or broker shall keep a complete record for each transaction showing:
(1) The type of contract, limits, underwriting restrictions, classes or risks, and territory;
Terms Used In South Dakota Codified Laws 58-14-30
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required for cancellation. The agent shall also maintain a record of the disposition of outstanding reserves on covered risks;
(3) Reporting and settlement requirements of balances;
(4) Rate used to compute the reinsurance premium;
(5) Names and addresses of reinsurers;
(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the agent or broker;
(7) Related correspondence and memoranda;
(8) Proof of placement;
(9) Details regarding retrocessions handled by the agent or broker including the identity of retrocessionaires and percentage of each contract assumed or ceded. Retrocessions for the agent are also subject to § 58-14-36;
(10) Financial records, including but not limited to, premium and loss accounts; and
(11) When the agent or broker procures a reinsurance contract on behalf of a licensed ceding insurer:
(a) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(b) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
Source: SL 1992, ch 345, § 7.