New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter X - Records
Part 243 - Standards Of Records Retention By Insurance Companies
Section 243.2 - Records required for examination purposes and retention period
Current through Register Vol. 46, No. 12, March 20, 2024
(a) In addition to any other requirement contained in Insurance Law, section 325, any other section of the Insurance Law or other law, or any other provision of this Title, every insurer shall maintain its claims, rating, underwriting, marketing, complaint, financial, and producer licensing records, and such other records subject to examination by the superintendent, in accordance with the provisions of this Part.
(b) Except as otherwise required by law or regulation, an insurer shall maintain:
(c) If the superintendent is not required to conduct an examination of an insurer, the requirement that the record be maintained until after the filing of the report on examination shall not apply. However, if an examination in which the record is subject to review has begun, the insurer shall retain the record until after the filing of the report on examination.
(d) An insurer shall require, by contract or other means, that a person authorized to act on its behalf in connection with the doing of an insurance business, including a managing general agent, an administrator, or other person or entity, shall comply with the provisions of this Part in maintaining records that the insurer would otherwise be required to maintain. Notwithstanding the above, the insurer shall be responsible if the person or entity fails to maintain the records in the required manner.
(e) The records shall be readily available and easily accessible to the superintendent in accordance with Insurance Law, section 310. T he records shall be in a readable form. If any such records are kept in a language other than English, they shall be accompanied by accurate translations. Upon request of the superintendent, the insurer shall provide a hard copy of the record, or, if the record is maintained in a medium which is used by the superintendent, the insurer may provide the record in that medium. Failure to produce and provide a record within a reasonable time frame shall be deemed a violation of Insurance Law, section 308 unless the insurer can demonstrate that there is a reasonable justification for that delay.
(f) Nothing in this Part shall prevent or restrict an insurer from maintaining records for a longer period.