North Carolina § 58-60-180 - (Contingent repeal - see note) Record keeping.

§ 58-60-180. (Contingent repeal - see note) Record keeping.

Insurers, general agents, independent agencies, and insurance producers 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 five 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. Records required to be maintained by this Part may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document. History (2007-298, s. 1.1.) Editor's Note. - Session Laws 2017-136, s. 4, provides: "The Department of Insurance shall adopt rules substantially similar to the most recent model regulation on suitability in annuity transactions issued by the National Association of Insurance Commissioners. Rules adopted pursuant to this section are not subject to Part 3 of Article 2A of Chapter 150B of the General Statutes." Session Laws 2017-136, s. 5, provides: "Part 4 of Article 60 of Chapter 58 of the General Statutes is repealed." Session Laws 2017-136, s. 6, provides, in part: "Section 5 of this act becomes effective on the date that rules adopted pursuant to Section 4 of this act become effective. . . . The Codifier of Rules shall notify the Revisor of Statutes of the effective date of rules adopted as required by this act. Except as otherwise provided, the remainder of this act is effective when it becomes law."