Ill. Admin. Code tit. 50 § 3120.80

Current through Register Vol. 48, No. 43, October 25, 2024

Section 3120.80 - Recordkeeping

a) Insurers, general agents, independent agencies, and insurance producers shall maintain and be able to make available to the Director records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, 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. An insurer is permitted, but shall not be required, to maintain documentation on behalf of an insurance producer.

b) Records required to be maintained by this Part may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces the original document.

Ill. Admin. Code tit. 50, § 3120.80

Renumbered from Section 3120.70 and amended at 35 Ill. Reg. 16087, effective September 26, 2011

Amended at 47 Ill. Reg. 2312, effective 2/3/2023