Question

Existing and replacing life insurers are required to keep copies of all summaries, notices, and statements used in sales transactions until the conclusion of their next examination by the Insurance Department, or for a period of at least:

1. One year
2. Three years
3. Five years
4. Seven years

Answer 1

Existing and replacing life insurers are required to keep copies of all summaries, notices, and statements used in sales transactions until the conclusion of their next examination by the Insurance Department, or for a period of at least 4. seven years.

Step-by-step explanation:

The correct answer is 4. Seven years.

Existing and replacing life insurers are required to keep copies of all summaries, notices, and statements used in sales transactions until the conclusion of their next examination by the Insurance Department or for a period of at least seven years.

This is important for record keeping and regulatory purposes.

By keeping these documents, insurers can ensure compliance and provide evidence of their activities if required.

For example, if a state insurance regulator decides to conduct an examination of an insurance company's operations, the company will need to provide copies of all relevant summaries, notices, and statements used in sales transactions during the examination period.

By keeping these records for at least seven years, the insurer can meet this requirement and demonstrate its adherence to regulatory guidelines.