500.4163 Records; maintenance, availability.
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/mi/chapter-500/500-4163A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.4163 Records; maintenance, availability.
Sec. 4163.
(1)An insurer and an insurance producer shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for 5 years after the insurance transaction is completed by the insurer. An insurer is permitted, but is not required, to maintain documentation on behalf of an insurance producer.
(2)Records required to be maintained by this chapter may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.
History: Add. 2006, Act 399 , Imd. Eff. Sept. 29, 2006