A. Every insurance producer shall keep in the insurance producer's place of business complete records of transactions under the license. The record shall show the following information for each insurance policy placed by or through the licensee:
(1) the names of the insurer and insured;
(2) the number and expiration date of each policy;
(3) the premium payable for each policy;
(4) the names of all other persons from whom business is accepted or to whom commissions are promised or paid;
(5) all premiums collected; and
(6) any additional information the superintendent may require.
B. The records shall be open to the superintendent's examination, and the superintendent may at any reasonable time require the licensee to furnish, in the manner or form that the superintendent may require, any information kept or required to be kept in such records.
C. Records as to a particular policy may be destroyed on expiration of three years after the policy's expiration.
History: Laws 1984, ch. 127, § 222; 2016, ch. 89, § 40.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, required insurance producers to keep complete records of transactions under the license, amended the required information to be kept in the records, and removed the exemptions for life insurance, annuity contracts or health insurance; in the catchline, after "records of", deleted "general lines agent" and added "insurance producer"; in Subsection A, in the introductory paragraph, after "Every", deleted "general lines agent" and added "insurance producer", after "shall keep in", deleted "his" and added "the insurance producer's", after "place of business", deleted "referred to in Section 221 of this article", after "transactions under", deleted "his" and added "the", after "license", deleted "and those of his solicitors", after "The record shall show", added "the following information", and after "through the licensee", deleted "not less than" and added the paragraph designation "(1)", in Paragraph (1), after "insurer and insured;", deleted "the number and expiration date of, and premium payable as to, the policy, the names of all other persons from whom business is accepted or to whom commissions are promised or paid, all premiums collected, and such additional information as the superintendent may reasonably require", and added new Paragraphs (2) through (6); in Subsection B, after "furnish, in", deleted "such" and added "the"; in Subsection C, after "on expiration of three", deleted "(3)"; and deleted Subsection D.
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.