Records Retention by Insurance Companies

Summary

This practice note addresses how records retention works in the insurance industry and effective ways of managing records retention requirements. Government agencies at the local, state, federal, and international levels all have records retention rules and procedures applicable to different industries. Language that needs to be included in a records retention policy for the insurance industry is discussed below, followed by guidance on deciding what to retain, how long to retain it, and the outline for an effective records retention program.