N.J. Admin. Code § 11:17-6.7 - Record maintenance

(a) All policy and claim files shall be the joint property of the insurer and MGA. Upon termination of the MGA appointment for this State, all original policy and claim files shall be returned to the insurer. The MGA may retain copies of these files.

(b) All books and records of account shall be maintained by the managing general agent for a period of five years after the termination of the contract.

(c) All records, books and documents required to be maintained by the managing general agent in accordance with the provisions of this subchapter shall, upon his or her request, be produced for examination by the Commissioner or his or her duly authorized representatives.

(d) The books and records required by this subchapter to be maintained may be maintained electronically if the following conditions are met:

1. That all the elements required by this chapter to be maintained are contained in the electronic system;

2. That, upon the request of the Department, the electronically kept records can be reproduced in hardcopy; and

3. That electronic back ups are produced daily and, at least every 30 days, the records maintained electronically are reproduced and stored off-site.

Notes

N.J. Admin. Code § 11:17-6.7

Amended by R.2002 d.354, effective 11/4/2002.
See: 34 New Jersey Register 2286(a), 34 New Jersey Register 2459(b), 34 New Jersey Register 3839(a).
Rewrote (d)3.