3 AAC 21.470. Retention period

(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.

History: Eff. 10/21/92, Register 124; am 4/27/2002, Register 162

Authority: AS 21.06.090

AS 21.06.120

AS 21.69.390

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