For how long must insurance records be kept open for inspection by the Commissioner?

Insurance records must be kept open for inspection by the Commissioner for a period of three years after policy expiration. This duration is established to ensure that the regulatory authority can review and assess the records for compliance, auditing, and consumer protection purposes. Keeping records for this time frame allows the Commissioner to investigate any claims or issues that may arise, ensuring that insurers are operating within the guidelines set forth by state law.

The practice of retaining records for three years aligns with various state regulations that aim to promote transparency and accountability in the insurance industry. This period strikes a balance, allowing sufficient time for potential inquiries while not imposing an excessively lengthy retention requirement on insurance providers.