Acts and Regulations

I-12 - Insurance Act

Section 372
Disposition versions

Full text
Records
Repealed: 2021, c.8, s.91
2021, c.8, s.91
372Repealed: 2021, c.8, s.92
2016, c.36, s.7; 2021, c.8, s.92
Records
372(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 insurers, agents, brokers, adjusters or damage appraisers.
372(2)All books, accounts, records and documents required under this Act or the regulations to be kept by an insurer, an agent, a broker, an adjuster or a damage appraiser shall be kept by the insurer, agent, broker, adjuster or damage appraiser at a safe location and in a durable form.
372(3)The insurer, agent, broker, adjuster or damage appraiser 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.
372(4)An insurer, an agent, a broker, an adjuster or a damage appraiser shall deliver to the Superintendent, or to any other employee of the Financial and Consumer Services Commission, at any time that the Superintendent or other employee requires
(a) any of the books, accounts, records and documents that are required to be kept by the insurer, agent, broker, adjuster or damage appraiser under this Act or the regulations, and
(b) any filings, reports or other communications made to any other regulatory authority.
2016, c.36, s.7