41-1955. EXAMINATION AND RECORDS. (1) A person required to be licensed by sections 41-1950 through 41-1965, Idaho Code, is subject to examination as authorized in chapter 2, title 41, Idaho Code, and shall for five (5) years retain copies of all:
(a) Proposed, offered and executed contracts, purchase agreements, underwriting documents, policy forms, executed disclosure statements and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later;
(b) All checks, drafts or other evidence and documentation related to the payment, transfer, deposit or release of funds from the date of the transaction; and
(c) All other records and documents related to the requirements of sections 41-1950 through 41-1965, Idaho Code.
(2) The provisions of this section does not relieve a person of the obligation to produce these documents to the director after the retention period has expired if the person has retained the documents.
(3) Records required to be retained by this section must be legible and complete and in accordance with section 28-50-107, Idaho Code, and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.
History:
[41-1955, added 2009, ch. 69, sec. 1, p. 197.]
Structure Idaho Code
Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS
Section 41-1901 - SCOPE OF CHAPTER.
Section 41-1902 - “INDUSTRIAL LIFE INSURANCE” DEFINED.
Section 41-1903 - STANDARD PROVISIONS REQUIRED.
Section 41-1904 - GRACE PERIOD.
Section 41-1905 - INCONTESTABILITY.
Section 41-1906 - ENTIRE CONTRACT.
Section 41-1907 - MISSTATEMENT OF AGE.
Section 41-1909 - POLICY LOAN.
Section 41-1910 - TABLE OF INSTALMENTS.
Section 41-1911 - REINSTATEMENT.
Section 41-1912 - PAYMENT OF PREMIUMS.
Section 41-1913 - PAYMENT OF CLAIMS.
Section 41-1914 - BENEFICIARY — INDUSTRIAL POLICIES.
Section 41-1916 - EXCLUDED OR RESTRICTED COVERAGE.
Section 41-1917 - STANDARD PROVISIONS — ANNUITY AND PURE ENDOWMENT CONTRACTS.
Section 41-1918 - GRACE PERIOD — ANNUITIES.
Section 41-1919 - INCONTESTABILITY — ANNUITIES.
Section 41-1920 - ENTIRE CONTRACT — ANNUITIES.
Section 41-1921 - MISSTATEMENT OF AGE OR SEX — ANNUITIES.
Section 41-1922 - DIVIDENDS — ANNUITIES.
Section 41-1923 - REINSTATEMENT — ANNUITIES.
Section 41-1924 - STANDARD PROVISIONS — REVERSIONARY ANNUITIES.
Section 41-1925 - LIMITATION OF LIABILITY.
Section 41-1926 - PROHIBITED PROVISIONS — INDUSTRIAL LIFE INSURANCE.
Section 41-1927 - STANDARD NONFORFEITURE LAW — LIFE INSURANCE.
Section 41-1927A - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.
Section 41-1928 - NONFORFEITURE BENEFITS — CERTAIN INTERIM POLICIES.
Section 41-1929 - INCONTESTABILITY AND LIMITATION OF LIABILITY AFTER REINSTATEMENT.
Section 41-1930 - POLICY SETTLEMENTS.
Section 41-1931 - INDEBTEDNESS DEDUCTED FROM PROCEEDS.
Section 41-1932 - PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE.
Section 41-1933 - PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING.
Section 41-1934 - PROHIBITED POLICY PLANS.
Section 41-1935 - LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION.
Section 41-1936 - SEPARATE ACCOUNTS — OPERATION AND MANAGEMENT.
Section 41-1937 - VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES.
Section 41-1938 - VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE.
Section 41-1939 - VARIABLE CONTRACTS — REGULATION THEREOF.
Section 41-1940 - ANNUITY CONSUMER PROTECTIONS ACT.
Section 41-1940A - ANNUITY CONSUMER PROTECTIONS — SUITABILITY DUTIES.
Section 41-1940B - ANNUITY CONSUMER PROTECTION — SUPERVISION SYSTEM.
Section 41-1940C - ANNUITY CONSUMER PROTECTION — PRODUCER TRAINING.
Section 41-1940D - ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION.
Section 41-1940E - ANNUITY CONSUMER PROTECTION — RECORDKEEPING.
Section 41-1941 - ANNUITY CONSUMER PROTECTIONS — DISCLOSURES.
Section 41-1942 - ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES.
Section 41-1943 - STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES.
Section 41-1950 - SHORT TITLE AND SCOPE.
Section 41-1951 - DEFINITIONS.
Section 41-1952 - LICENSE REQUIREMENT.
Section 41-1953 - FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.
Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.
Section 41-1955 - EXAMINATION AND RECORDS.
Section 41-1956 - DISCLOSURE TO OWNER UPON APPLICATION.
Section 41-1957 - DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.
Section 41-1958 - DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.
Section 41-1959 - NOTICE OF CHANGE BY PROVIDER.
Section 41-1960 - GENERAL RULES.
Section 41-1961 - PERMITTED LIFE SETTLEMENTS AND SUPPORTING DOCUMENTATION.
Section 41-1962 - PROHIBITED PRACTICES AND CONFLICTS OF INTEREST.
Section 41-1963 - ADVERTISING FOR LIFE SETTLEMENTS.