Minnesota § 72A.2035 RECORD KEEPING

Minnesota Statutes

§ 72A.2035 — RECORD KEEPING

Minnesota § 72A.2035

PartINSURANCE

Ch. 72AINSURANCE INDUSTRY TRADE PRACTICES

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Bluebook

Minn. Stat. § 72A.2035 (2026).

Text

Subdivision 1.Duration.
Insurers and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for ten years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of an insurance producer.

Subd. 2.Medium.
Records required to be maintained by sections72A.203to72A.2036may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.

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Subdivision 1.Duration.
Insurers and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for ten years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of an insurance producer.

Subd. 2.Medium.
Records required to be maintained by sections72A.203to72A.2036may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.