State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-14 > Statute-58-14-30

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;
(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.