760 IAC 1-72-6 Record keeping

Sec. 6. (a) Insurers, managing general agents, independent agencies, and producers shall: (1) maintain; or (2) be able to make available to the commissioner; records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for five (5) years after the insurance transaction is completed by the insurer. An insurer is permitted but is not required to maintain documentation on behalf of a producer. (b) Records required to be maintained by this rule are maintained: (1) in: (A) paper; (B) photographic; (C) microprocess; (D) magnetic; (E) mechanical; or (F) electronic; media; or (2) by a process that accurately reproduces the actual document.