1. (1)(a) A licensee shall maintain 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 the current calendar year plus three years after the insurance transaction is completed by the insurer.

   1. (b) An insurer may maintain documentation on behalf of a producer.

2. (2) Records required to be maintained by this rule:

   1. (a) shall be made available to the commissioner upon request; and
   2. (b) may be maintained in paper, photographic, micro-process, magnetic, mechanical, electronic media, or by any process that accurately reproduces the actual document.

KEY: insurance, annuity suitability

Date of Last Change: June 7, 2024

Notice of Continuation: May 21, 2024

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-22-425