How long are insurers required to maintain records of claims and policies?

How long are insurers required to maintain records of claims and policies?

• A. One year
• B. Three years
• C. Five years
• D. Ten years

Answer: (C)

Insurers in Florida are required to maintain records of claims and policies for a period of five years. This duration is specified to ensure that comprehensive documentation is available for any potential audits, legal inquiries, or disputes that may arise related to the claims or policies during that time frame. Retaining records for five years helps protect both the insured and the insurer by providing necessary evidence and facilitating the investigation of any claims. This requirement aligns with regulatory guidelines aimed at promoting accountability and transparency in the insurance industry.

Insurers in Florida are required to maintain records of claims and policies for a period of five years. This duration is specified to ensure that comprehensive documentation is available for any potential audits, legal inquiries, or disputes that may arise related to the claims or policies during that time frame. Retaining records for five years helps protect both the insured and the insurer by providing necessary evidence and facilitating the investigation of any claims. This requirement aligns with regulatory guidelines aimed at promoting accountability and transparency in the insurance industry.