For how many years must a producer maintain insurance transaction records?

The requirement for insurance producers to maintain records of insurance transactions for a specific duration is governed by Maryland insurance laws. The correct duration is five years. This retention period is established to ensure that there is adequate documentation available for regulatory oversight, consumer protection, and potential audits. Maintaining these records for five years allows regulatory bodies to review transactions for accuracy, compliance with laws, and the safeguarding of consumer interests.

The five-year requirement reflects the average period during which insurance transactions may be relevant to claims or disputes that could arise, ensuring that both consumers and regulators have access to necessary documentation. Other suggested durations, such as three, four, or six years, do not align with the established legal guidance in Maryland regarding the retention of insurance records.