Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceHard
A Florida licensed life and health agent is required to maintain records of transactions for a specific period. What is the minimum number of years these records must be kept?
- A7 years
- B3 years
- C5 years
- D10 years
Show answer & explanationAnswer & explanation
Correct answer: C. 5 years
Florida Statute 626.748 requires licensed agents to maintain records of insurance transactions, including applications, policies, and correspondence, for a minimum of 5 years.
Why the other options are wrong
- A. 7 years is not the specific minimum requirement, though some may keep records longer.
- B. 3 years is insufficient; the minimum required is longer.
- D. 10 years is longer than the minimum required by Florida law for general transaction records.
Agent Record Retention (FL)
The legal requirement for Florida licensed insurance agents to keep records of their insurance transactions for a specified minimum duration.
- Minimum 5 years from transaction date.
- Includes applications, policies, correspondence.
- Ensures compliance and aids in investigations.
Memory trick: Five years for agent records, keep them alive!