Final answer:
Regulation 919's specific record retention duration for insurance claims records is not provided in the details available. Generally, regulations require insurance companies to balance premiums, claims, expenses, and profits, and record retention is vital for this.
Step-by-step explanation:
The question relates to the regulations regarding the period an insurance company is required to maintain detailed claims records. This is a question linked to the standards and practices within the insurance industry, specifically to the laws and regulations that govern how insurance companies operate. In this context, although the provided reference information discusses the financial principles underlying insurance operations, it does not specify the record retention requirements. Therefore, without specific references to Regulation 919, it's challenging to provide an accurate answer to this question.
Nevertheless, the fundamental law of insurance holds that the insurance company must ensure the balance between the premiums collected and the claims, expenses, and profits. To maintain this balance, retaining claims records is crucial for reviewing past claims, managing risks, and making informed decisions on future underwriting and pricing strategies. Typically, insurance regulators set specific time frames for record retention to ensure transparency, legal compliance, and the ability to audit and review past activities.
It's essential to consult the actual text of Regulation 919 or contact the relevant insurance regulatory body to get the precise requirement on the duration for which an insurance company must keep detailed claims records. The options given—ranging from the current and previous year to the previous five years—represent plausible durations, but without certainty of Regulation 919's stipulations, an accurate answer cannot be provided.