Each licensee shall maintain accurate files, books and records reflecting all insurance-related transactions in which the licensee or his or her employees take part. These records shall be maintained by either separate books of record or by one or more consolidated books of record for a period of five years from the date of the closing of the claim.
Each licensee shall maintain a register of all monies received, deposited, disbursed or withdrawn in connection with a transaction with an insured, including, but not limited to: fees, transfers and disbursements from a trust account; and all transactions concerning, including the balance of, all interest bearing accounts. The minimum information required to be maintained in the register includes the following:
For each disbursement, the number of the check shall be recorded in the register.
All entries for receipts and disbursements shall be supported by evidential matter as provided in § 3906.2(b) and (c). The evidential matter shall be referenced in the entry so that it may be traced for verification.
Each licensee shall prepare and maintain a monthly reconciliation of the trust account.
Each licensee shall maintain a file for each claimant with whom a contractual relationship has been established. The minimum items required to be maintained in the file include:
The licensee shall also maintain the following records for a period of five years:
Failure to keep, maintain or make available for inspection by the Commissioner, those records which the Commissioner shall require to be maintained in accordance with this section, or any other violations by a licensee, shall constitute a violation of D.C. Official Code § 31-1631.06.
D.C. Mun. Regs. tit. 26, r. 26-A3906