For how many years must insurance agents maintain records related to each insurance transaction?

Insurance agents in North Carolina are mandated to maintain records related to each insurance transaction for a period of five years. This requirement ensures that there is a reliable documentation trail for transactions, which is crucial for regulatory compliance and can also support any future inquiries concerning the agent's professional conduct or the history of transactions with clients.

The five-year requirement balances the need for record-keeping with practical considerations for both the agents and the regulatory authorities, ensuring that relevant information remains accessible without imposing overly burdensome storage obligations. Proper record maintenance for this duration helps both consumers and insurers protect their rights and responsibilities.