Illinois Administrative Code
Title 50 - INSURANCE
Part 3502 - DISPOSAL AND DESTRUCTION OF RECORDS
Section 3502.30 - Disposal and Destruction of Records
Universal Citation: 50 IL Admin Code ยง 3502.30
Current through Register Vol. 48, No. 12, March 22, 2024
a) The company is authorized to dispose of or destroy records in its custody that do not have sufficient administrative, legal or fiscal value to warrant their further preservation and are not needed:
1) in the transaction of current
business;
2) for the final
settlement or disposition of any claim arising out of a policy of insurance
issued by the company, except that these records must be maintained for the
current year plus 5 years; or
3) to
determine the company's financial condition for the period since the date of
the last examination report of the company officially filed with the Illinois
Department of Insurance, except that these records must be maintained for at
least the current year plus 5 years.
b) Non-records may be destroyed at any time by the company in possession of them.
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