Retention of records and documents.
1. A person required to be licensed under this chapter shall retain for 5 years copies of all:
(a) Contracts, underwriting documents, forms of policy and applications, from the date of the proposal, offer or execution, whichever is latest;
(b) Checks, drafts and other evidence or documentation relating to the payment, transfer or release of money, from the date of the transaction; and
(c) Records and documents related to the requirements of this chapter.
2. This section does not relieve a person of the obligation to produce a document described in subsection 1 to the Commissioner after the expiration of the relevant period if the person has retained the document.
3. Records required by this section to be retained must be legible and complete. They may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.
Last modified: February 27, 2006