How long must insurance companies maintain accurate records of the forms they use?

Insurance companies are required to maintain accurate records of the forms they use for a duration of the balance of the current year plus five additional years. This requirement ensures that the records are available for review by regulators, auditors, or for any dispute resolution regarding the policies issued.

Maintaining these records for a five-year period beyond the current year allows for sufficient time to address claims, audits, or investigations that may arise after a policy has been issued. It offers a window to verify compliance with regulatory requirements and to provide transparency in the insurance market. This period aligns with typical statutes of limitations for contract disputes and regulatory review processes, thus ensuring that companies are held accountable for their practices.