The bill requires insurers to provide any record requested by a Department of Insurance examiner to the examiner within 10 working days, unless the Director of Insurance decides to extend the 10 day period. The bill also requires insurers to retain all records for 3 years or until 2 years after expiration of a policy, whichever is later. An insurer is allowed to maintain records by any means as long as the record can be duplicated to hard copy. No impact on state funds.
Supporters say that retaining hard copies of records is unnecessary, outdated, and costly.
Supporters also say that insurers should not be required to keep insurance company records forever. There was no opposition voiced to the committee. The bill requires insurers to provide any record requested by a Department of Insurance examiner to the examiner within 10 working days, unless the Director of Insurance decides that 10 days is too short. The bill also requires insurers to retain all records for 3 years or until 2 years after expiration of a policy, whichever is later. An insurer is allowed to maintain records by any means as long as the record is capable of duplication to hard copy.