(a) Every producer or adjuster shall keep at the producer’s address as shown on the producer’s license, a record of all transactions consummated under the producer’s license. This record must be in organized form and must include:
(1) if an agent or broker-
(A) a record of each insurance contract procured, issued, or countersigned, together with the names of the insurers and insureds, the amount of insurance, the amount of premium paid or to be paid, and a statement of the subject of the insurance; and
(B) the names of any other licensees from whom business is accepted, and of persons to whom commissions or allowances of any kind are promised or paid.
(2) if an adjuster, a record of each investigation or adjustment undertaken or consummated, and a statement of any fee, commission, or other compensation received or to be received by the adjuster on account of such investigation or adjustment; and
(3) such other and additional information as is customary, or as may reasonably be required by the Commissioner.
(b) All records to any particular transaction must be kept available and open to the inspection of the Commissioner during all business hours during the five years immediately after the date of the completion of such transaction.
(c) This section does not apply as to life or disability insurance.