La. Admin. Code tit. 37 § XIII-16709
Current through Register Vol. 50, No. 11, November 20, 2024
Section XIII-16709 - Record RetentionA. Every title insurer and title insurance producer shall retain sufficient records of its affairs, including evidence of the examination of title and determination of insurability and records of its escrow operations and escrow accounts, for a period of ten years. The ten-year period shall commence on the date of the act of sale or transfer of the underlying property or the date that the initial file on the subject property was opened, whichever is later.B. Title insurers and title insurance producers may cause any or all books, records, documents, accounts, and vouchers to be photographed, reproduced on film, or maintained electronically in electronic data processing equipment in such a manner that their financial condition, affairs, and operations can be ascertained and compliance with the law can be determined by the department. Any photographs, microphotographs, optical imaging, electronic, or film reproductions of any original books, records, documents, accounts, and vouchers shall for all purposes be considered the same as the originals thereof and a transcript, exemplification, or certified copy of any such photograph, microphotograph, optical imaging, electronic, or film reproduction shall for all purposes be deemed to be a transcript, exemplification, or certified copy of the original.La. Admin. Code tit. 37, § XIII-16709
Promulgated by the Department of Insurance, Office of the Commissioner, LR 46, Promulgated by the Department of Insurance, Office of the Commissioner, LR 471330 (9/1/2021).AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11, 22:68, 22:526, 22:533, 22:535, and the Administrative Procedure Act, R.S. 49:950 et seq.