Acts and Regulations

I-12 - Insurance Act

Section 14.1
Disposition versions

Full text
Record keeping and retention period for client information
2021, c.8, s.10
14.1(1)The following definition applies in this section.
“regulatory authority” means a person empowered by the laws of a jurisdiction to regulate the activities of adjusters, adjusting firms, agencies, agents, damage appraisers, insurers, managing general agents, restricted insurance representatives, special insurance brokers and third party administrators.(organisme de réglementation)
14.1(2)All books, accounts, records, securities and documents required under this Act or the regulations to be kept by an adjuster, adjusting firm, agency, agent, damage appraiser, insurer, managing general agent, restricted insurance representative, special insurance broker or third party administrator shall be kept by those persons in a safe location and in a durable form.
14.1(3)The persons referred to in subsection (2) shall keep client information for a minimum period of seven years after the latest of the following dates:
(a) the final closing of the client record;
(b) the date the last service was rendered to the client; and
(c) the expiration without renewal or the replacement of the last product sold to the client, as the case may be.
14.1(4)An adjuster, adjusting firm, agency, agent, damage appraiser, employee of a restricted insurance representative engaged in the business of insurance, insurer, managing general agent, special insurance broker or third party administrator shall deliver to the Superintendent, at any time that the Superintendent requires,
(a) any of the books, accounts, records, securities and documents that are required to be kept by that person under this Act or the regulations, and
(b) any filings, reports or other communications made to any other regulatory authority.
2021, c.8, s.10