Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS HEADING: PL 1997, C. 457, §23 (NEW); 2001, C. 259, §1 (RPR)
Subchapter 4: PRODUCERS HEADING: PL 1997, C. 457, §23 (NEW)
§1447. Records
1.Records. The insurance producer or business entity shall keep or make accessible at the producer's or business entity's place of
business a copy of the written appointment or designation from each insurer, health maintenance organization, fraternal benefit
society or nonprofit hospital or medical service organization with which the insurance producer or business entity has an
appointment. The insurance producer or business entity shall keep at the producer's or business entity's place of business
complete records of transactions under the license. If a producer engages in transactions on behalf of a business entity
and subsequently maintains a different place of business, the business entity shall maintain the records of those transactions.
If a producer engages in transactions independent of any business entity, the producer shall maintain the records of those
transactions. For the purpose of examination or investigation by the superintendent, records may be maintained in electronic
form. As to each insurance policy or contract placed through or sold by the licensee, the records must show:
A. The names of the insurer, health maintenance organization, fraternal benefit society or nonprofit hospital or medical service
organization; [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
B. The number and expiration date of the policy or contract; [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
C. The premium payable as to the policy or contract; [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
D. The name and address of the insured; [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
E. The date and time of every binder made by the insurance producer; and [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
F. Such other information as the superintendent may reasonably require. [1997, c. 457, §23 (NEW); 1997, c. 457, §55 (AFF).]
[
2001, c. 259, §41 (AMD)
.]
2.Retention. The records must be kept available for inspection by the superintendent for a period of at least 3 years after completion
of the respective transactions.
[
1997, c. 457, §23 (NEW);
1997, c. 457, §55 (AFF)
.]
SECTION HISTORY
1997, c. 457, §23 (NEW).
1997, c. 457, §55 (AFF).
1999, c. 50, §1 (AMD).
2001, c. 259, §41 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.