{"data":{"id":"us-sd/sdcl-58-14-30","jurisdiction":"us-sd","citation":"SDCL § 58-14-30","heading":"Records of reinsurance contracts.","body":"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:\n(1) The type of contract, limits, underwriting restrictions, classes or risks, and territory;\n(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;\n(3) Reporting and settlement requirements of balances;\n(4) Rate used to compute the reinsurance premium;\n(5) Names and addresses of reinsurers;\n(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the agent or broker;\n(7) Related correspondence and memoranda;\n(8) Proof of placement;\n(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;\n(10) Financial records, including but not limited to, premium and loss accounts; and\n(11) When the agent or broker procures a reinsurance contract on behalf of a licensed ceding insurer:\n(a) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or\n(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.","path":["TITLE 58. INSURANCE","CHAPTER 58-14. REINSURANCE"],"source_url":"https://sdlegislature.gov/Statutes/58-14-30","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"a27a69314b8230b2af59dec64bd2fc11995b09f540c24ee0b54ada8f04b99377","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-58-14-29","next":"us-sd/sdcl-58-14-31"},"notice":"GroundRules: Original legal text. Not legal advice."}