This information was delivered to me in electronic form, and is believed to accurately represent the current New York State Insurance Record Keeping Requirements. It was in a list of current regulations on the New York State insurance department web site, www.ins.state.ny.us, but this text could not be located on-line. It is made available as a convenience to users of www.plesums.com. However, be sure to reference official sources (which may have been updated) before making any final legal or business decisions.

Why is this here? As a consultant and practitioner in imaging and electronic records management, I was working with an insurance company domiciled in New York in the late 1990s. They assured me how terrible the record keeping requirements were in New York, and provided this document as proof. Other company compliance executives have voiced similar concerns in the last couple years. As you read these regulations you will see that they are modern and reasonable, and have been in effect since 1996. I hate to think of what the regulations must have been before 1996 to leave so many professionals in such a terrified state.


New York State Insurance Regulation 152

Typical requirements for Insurance Company Records


TITLE 11. INSURANCE DEPARTMENT

CHAPTER X. RECORDS
PART 243. (REGULATION 152) MAINTENANCE OF INSURANCE COMPANY RECORDS

11 NYCRR § 243.0 (2001)
Sec. 243.0 Purpose

The purpose of this Part is to clarify and provide minimum recordkeeping requirements regarding the origin, maintenance and reproduction of information by insurers doing business in this state and certain other entities.

Statutory authority: Insurance Law §§ 201, 301, 309, 310, 2344
HISTORY: Added 243.0 on 9/01/96.

11 NYCRR § 243.1 (2001)
Sec. 243.1 Definitions

For the purposes of this Part, the following terms shall apply:

Section statutory authority: Insurance Law, § 107; Banking Law, § 261; Public Health Law, § Art. 44; Insurance Law, § 1108
Statutory authority: Insurance Law §§ 201, 301, 309, 310, 2344
HISTORY: Added 243.1 on 9/01/96.

11 NYCRR § 243.2 (2001)
Sec. 243.2 Records Required for Examination Purposes and Retention Period

Section statutory authority: Insurance Law, § 310, § 325, § 308
Statutory authority: Insurance Law §§ 201, 301, 309, 310, 2344
HISTORY: Added 243.2 on 9/01/96.

11 NYCRR § 243.3 (2001)
Sec. 243.3 Standards for Maintenance and Reproduction of Records

Statutory authority: Insurance Law §§ 201, 301, 309, 310, 2344
HISTORY: Added 243.3 on 9/01/96.


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