§ 58-58-235. Record retention requirements. - North Carolina Statutes

§ 58‑58‑235. Record retention requirements.

(a)        A person licensedunder this Part shall retain copies for five years of all:

(1)        Proposed, offered,or executed contracts, purchase agreements, underwriting documents, policyforms, and applications from the date of the proposal, offer, or execution ofthe contract or purchase agreement, whichever is later.

(2)        Checks, drafts, orother evidence and documentation related to the payment, transfer, deposit, orrelease of funds from the date of the transaction.

(3)        Other records anddocuments related to the requirements of this Part.

(b)        This section doesnot relieve a person of the obligation to produce these documents to theCommissioner after the retention period has expired if the person has retainedthe documents.

(c)        Records required tobe retained by this section must be legible and complete and may be retained inpaper, photograph, microprocessor, magnetic, mechanical, or electronic media,or by any process that accurately reproduces or forms a durable medium for thereproduction of a record. (2001‑436, s. 3.)