California Property & Casualty Broker-AgentCalifornia LawEasy
A California insurance producer is required to maintain records of all insurance transactions. According to the California Insurance Code, for how many years must these records be made available for inspection by the Commissioner?
- A4 years
- B3 years
- C2 years
- D5 years
Show answer & explanationAnswer & explanation
Correct answer: D. 5 years
The California Insurance Code requires insurance producers to maintain records of all insurance transactions for a minimum of 5 years and make them available for inspection by the Commissioner.
Why the other options are wrong
- A. 4 years is close but not the exact minimum specified by the California Insurance Code.
- B. 3 years is less than the required retention period for transaction records.
- C. 2 years is too short; the code requires a longer retention period.
Producer Record Retention
In California, insurance producers must maintain all records of insurance transactions for a minimum of 5 years and make them available for inspection by the Insurance Commissioner upon request.
- 5-year minimum
- All transaction records
- Available to Commissioner
Memory trick: Keep records for 'F.I.V.E.' (Five Important Verified Evidence) years.