(a) Every domestic and foreign insurer shall preserve their business records in accordance with the rules adopted under this section.

(b) The Commissioner may by rule require insurers to preserve any records relating to the business of insurance as are necessary for efficient and effective insurance regulation.

(c) If a record is disposed of in accordance with rules adopted by the commissioner, an insurer shall be under no duty to produce the record in any administrative or judicial proceeding.

(d) The rules adopted by the Commissioner may designate methods of reproduction of records into electronic, microfilm or microfiche form, or other process. Any such reproduction shall have the same force and effect as the original and may be admitted in evidence as the original itself. (Added 1989, No. 155 (Adj. Sess.), § 2.)