South Dakota Codified Laws 58-24-74. Insurer to maintain records relating to insurance sales to exempt commercial policyholder–Examination by director
Any insurer who sells any kind of insurance to an exempt commercial policyholder shall maintain records relating to the insurance sales as required by §§ 58-24-68 to 58-24-74, inclusive. At a minimum, the records shall include: any data, statistics, rates, rating plans, rating systems, and underwriting rules used in underwriting and issuing such policies; claims-made policy forms; annual experience data on each risk insured, including written premiums, written premiums at a manual rate, paid losses, outstanding losses, loss adjustment expenses, underwriting expenses, underwriting profits, and profits from contingencies; and complaint information required under South Dakota law.
The insurer shall maintain the records for five years. The insurer shall make such records available for examination by the director at any reasonable hour.
Terms Used In South Dakota Codified Laws 58-24-74
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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
Source: SL 2004, ch 307, § 7.