When must an insurance producer maintain full records of business transacted?

An insurance producer is required to maintain full records of all business transacted as a general requirement for compliance with North Carolina insurance laws and regulations. This obligation ensures transparency and accountability in the insurance industry, allowing regulators to review practices and resolve any issues that may arise. Proper record-keeping promotes the integrity of the insurance process and protects both the producer and the consumers they serve.

This compliance requirement is not limited to specific events, such as receiving a license, generating annual activity, or the occurrence of claims. Instead, it is an ongoing obligation that supports the effective regulation of the industry and helps maintain consumer trust. By keeping detailed records, producers can demonstrate compliance with state laws, support their operations, and ensure that they are abiding by the regulatory framework established for the insurance industry in North Carolina.