§ 28-5-1-16 — Records retention policy

(a) The board of directors shall develop a
records retention policy. In developing the policy, the board of
directors shall consider:
(1) legal actions and administrative proceedings in which the
production of company records is necessary or desirable;
(2) state and federal statutes of limitation applicable to legal
actions and administrative proceedings; and
(3) the availability of information contained in the company
records from other sources.
(b) Except for records that must be permanently retained, a company
may dispose of a record that has been retained for the period required
and in the manner required by the records retention policy. A company
is not under a duty to produce the record in an action or proceeding
after the disposal of the record.
(c) The department may require each such company to prepare and
submit such reports of condition as are deemed necessary in any year,
and if the department so orders, any such company shall publish such
statement of condition in the manner and form prescribed by the
department.
Formerly: Acts 1935, c.181, s.16. As amended by P.L.263-1985,
SEC.154; P.L.11-1998, SEC.10.