Iowa Admin. Code r. 191-15.78

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 191-15.78 - Recordkeeping

(1) Insurers, general agents, independent agencies, and producers shall maintain or 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 ten years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of a producer.

(2) Records required to be maintained by this rule may be maintained in paper, photographic, microprocess, magnetic, mechanical or electronic media or by any process that accurately reproduces the actual document.

ARC 8934B, lAB 7/14/10, effective 1/1/11; ARC 0035C, lAB 3/7/12, effective 4/11/12

Amended by IAB June 3, 2020/Volume XLII, Number 25, effective 7/8/2020

Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024