Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 21 - Insurer - Financial
Article 3 - Record and Financial Reporting
3 AAC 21.470 - Retention period
Universal Citation: 3 AK Admin Code 21.470
Current through February 24, 2025
(a) Unless otherwise required by law or unless the director orders a longer retention period, a domestic insurer shall retain records required by AS 21.69.390 and 3 AAC 21.460, including records relating to losses and claims, for the following period of time after the date the record is considered to be an obsolete record:
(1) for
records of reinsurance transactions, 10 years or until completion of a full
examination, whichever is longer;
(2) for all other records, five years or
until completion of a full examination, whichever is longer.
(b) In this section,
(1) "completion of a full examination" means
completion of an examination under
AS
21.06.120 in which the records in question
were subject to examination, and includes resolution of any action taken based
on the examination report;
(2)
"obsolete record" means a record concerning which there will be no further
activity regarding the subject or details of the record.
Authority:AS 21.06.090
AS 21.06.120
AS 21.69.390
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