South Dakota Codified Laws 58-30-91. Records to be maintained by insurance producer–Violation as misdemeanor
The insurance producer shall keep at the insurance producer’s place of business records pertaining to transactions under the insurance producer’s license and the licenses of the insurance producer’s soliciting insurance producers, for a period of at least five years after completion of such transactions. Such records shall show, as to each policy, the name and address of the insured, the form, number, and term of the policy, the general subject of the insurance, and the general nature of the coverage. Nothing in this section precludes a home, zone, or regional office of the insurer from maintaining such business records in lieu of an insurance producer maintaining the records so long as the insurance producer receives compensation substantially in the form of a salary or produces seventy-five percent or more of his or her insurance business, based on gross premiums written, with one insurer or group of insurers subject to common management or ownership.
Any violation of this section is a Class 2 misdemeanor.
Attorney's Note
Under the South Dakota Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 30 days | up to $500 |
Terms Used In South Dakota Codified Laws 58-30-91
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- 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 1966, ch 111, ch 9, § 26 (3); SL 1978, ch 359, § 2; SL 2001, ch 286, § 175; SL 2009, ch 268, § 1.