Md. Code Regs. 31.09.12.10

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.09.12.10 - Record Keeping

A. 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 and other information used in making the recommendations that were the basis for insurance transactions for 7 years after the insurance transaction is completed by the insurer.

B. An insurer is permitted, but is not required, to maintain documentation on behalf of a producer.

C. Records required to be maintained by this regulation may be maintained in paper, photographic, micro processed, magnetic, mechanical, or electronic media, or by any process that accurately reproduces the actual document, if the copy of the record is maintained in a manner that:

(1) Is clear and legible;

(2) Accurately reproduces the original document in its entirety, including any attachments to the document;

(3) Is capable of producing a clear and legible hard copy of the original document; and

(4) Preserves evidence of any signature contained on the document.

Md. Code Regs. 31.09.12.10

Regulation .10 amended effective 49:8 Md. 501, eff. 4/18/2022