Section 2548.11 - Provider and Broker Records Retention Requirements(a) All providers transacting business in this State shall retain copies of all records as further defined at Insurance Code section 10113.2(s).(b) All brokers shall retain copies of all records reflecting the transaction of their life settlement business in this State for not less than five years. Such records shall include, but not be limited to the disclosures pursuant to Insurance Code sections 10113.2(d) and (f), documentation of the broker's efforts to shop the market to obtain a competitive provider bid, and a copy of the executed life settlement purchase agreement.(c) All records required to be maintained pursuant to this section shall be made available to the Commissioner for inspection during reasonable business hours. The Commissioner may initiate proceedings to revoke, suspend or refuse to renew the license of any licensee failing to comply with the Commissioner's request to review the records.Cal. Code Regs. Tit. 10, § 2548.11
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending NOTE filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.11 to section 2548.12 and renumbering and amendment of former section 2548.10 to new section 2548.11 filed 11-25-2014; operative 1-1-2015 (Register 2014, No. 48). Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 10113.2, Insurance Code.
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending Note filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.11 to section 2548.12 and renumbering and amendment of former section 2548.10 to new section 2548.11 filed 11-25-2014; operative 1/1/2015 (Register 2014, No. 48).