Guam § 12206 - Recordkeeping.

§ 12206. Recordkeeping.

(a) The service contract provider or service contract provider’s

administrator shall keep accurate accounts, books, and records of all

transactions regulated under this Article.

(b) Accounts, books, and records maintained as required by this Section

shall include the following:

(1) copies of each type of service contract sold;

(2) the name and address of each service contract holder, to the

extent that the name and address have been furnished by the service

contract holder;

(3) a list of the locations where the service contract provider’s

service contracts are marketed, sold, or offered for sale; and

(4) recorded claims filed which, at a minimum, shall contain the

date and description of each claim under the service contract provider’s

service contracts.

(c) The service contract provider for each service contract shall retain

records required under this Section for at least one year after coverage under

the contract has expired. A service contract provider discontinuing business

on Guam shall maintain records required under this Section until it provides

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the Commissioner with satisfactory proof that the service contract provider

has discharged all contractual obligations to contract holders on Guam.

(d) The records required under this Section may be, but are not required

to be, maintained on a computer disk, computer drive or server or other

electronic recordkeeping technology. If records are maintained in a form

other than hard copy, the records shall be in a form allowing duplication as a

legible hard copy at the request of the Commissioner.

(e) Upon request of the Commissioner, the service contract provider

shall make available to the Commissioner all accounts, books, and records

concerning service contracts sold by the service contract provider reasonably

necessary to enable the Commissioner to determine compliance or

noncompliance with this Article.