Clarification of Record Retention (04/04)

CARROLL FISHER INSURANCE COMMISSIONER STATE OF OKLAHOMA ## CLARIFICATION OF RECORD RETENTION Monday, April 5, 2004 The Oklahoma Insurance Department recently issued a bulletin on agent records that said hard copies must be maintained. However, we understand that “hard copies” are generally photocopies, and we understand that documents may be imaged and hard copies may be printed from those electronic images. The Department has no objection to agents going paperless, as long as records are readily accessible and hard copies can be printed if requested by the Department. The bulletin was issued in response to an insurer that instructed agents to enter data from applications into a database, transmit the electronic data to the company (without imaging), and shred the application (without keeping a copy). That procedure does not comply with the statutory requirement of 36 O.S. § 1435.13(E) that agents keep records of all transactions. If you have any questions regarding this directive, please call Michael Ridgeway at (405) 521-6618 or Phil Marsh at (405) 522-4628 in the Oklahoma Insurance Department. You may call them toll free in Oklahoma at (800) 522-0071. Thank you for your attention to this matter. 2401 NW 23 STREET, SUITE 28 • P.O. BOX 53408 • OKLAHOMA CITY, OKLAHOMA 73152-3408 • (405) 521-2828 • TOLL-FREE (IN STATE) 1-800-522-0071 • FAX (405) 522-6909