Indiana § 28-5-1-16 - Records retention policy
Full text of Indiana Indiana Code § 28-5-1-16 — Records retention policy, with citation guidance and answers to common questions.
§ 28-5-1-16. Records retention policy
Sec. 16. (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.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-5-1-16
What does Indiana Code § 28-5-1-16 cover?
Section 28-5-1-16 ("Records retention policy") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-5-1-16?
A common citation format is "Indiana Code § 28-5-1-16" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-5-1-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.