58-24-74. Insurer to maintain records relating to insurance sales to exempt commercial policyholder--Examination by director.
122 words·~1 min read·
/sd/title-58/chapter-58-24/58-24-74·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.