Section 6.80. Retention of records.

 

(1)   Purpose. The purpose of this section is to establish standards for record retention by insurers and other persons subject to the regulation of the commissioner.

(2)   Scope.

(a) This section shall apply to all insurers licensed under chs. 611 , 612 , 613 , 614 , and 618 , Stats., and including the Local Property Insurance Fund, the State Life Insurance Fund, and the State Indemnity Fund.

(b) The following sections also apply:

1. Section Ins 1.01 (3) applies to fraternals.

2. Sections Ins 2.07 (5) (a) 2. d. and (b) 2. b. apply to life insurance.

3. Section Ins 3.25 (9) (d) applies to credit life and accident and sickness insurance.

4. Section Ins 3.27 (28) applies to disability insurance.

5. Section Ins 6.17 (3) (c) and (d) apply to surplus lines.

6. Sections Ins 6.30 (2) (a) 1. e. , 6.30 (3) (a) 3. e. , (4) (a) 2. e. and (5) (a) 3. apply to property and casualty insurers.

7. Section Ins 6.55 (5) (b) applies to all insurers.

8. Section Ins 6.61 applies to intermediaries.

9. Section Ins 8.09 applies to employee welfare funds.

10. Sections Ins 8.65 (4) and 8.69 (6) apply to small employer insurers.

(3)   Definitions.

(a) "Domestic insurer" has the meaning set forth in s. 600.03 (17) , Stats.

(b) "Insurer" has the meaning set forth in s. 600.03 (17) , Stats.

(c) "Nondomestic insurer" has the meaning set forth in s. 600.03 (32) , Stats.

(d) "Hard copy" means any information which is procured from an alternate storage facility such as microfilm, microfiche or electronic data processing and reproduced into proper form.

(4)   Domestic insurers.

(a) Corporate records such as minute books, articles and by-laws, and stock and membership records shall be retained as permanent records.

1. General ledgers shall be retained as permanent records.

2. Rate books, agents' handbooks, underwriting manuals, specimen forms, and related actuarial material, as well as reinsurance contracts, shall be retained as long as the related insurance coverage remains in force.

(b) Records of insurance company operations and other financial records reasonably related to insurance operations for the preceding 3 years shall be maintained and be available to the commissioner.

(c) Records maintained under par. (b) may be in written form or in any other form capable of being converted to written form within a reasonable period of time.

1. Original documents, such as claim files, invoices, cancelled checks, underwriting information and other similar materials may be maintained on microfilm or microfiche so long as the records thus maintained are readily available to the commissioner and can be reproduced in hard copy.

2. Accounting records, policy master files, reserve inventories, and other similar records normally produced in hard copy may be maintained on electromagnetic tape provided such tapes are preserved and that the company can and will reproduce the appropriate hard copy within a reasonable period of time at the request of the commissioner.

(d) The statutes of limitations, escheat laws, and statutes regarding minors of the various jurisdictions in which the insurer does business shall control the retention of pertinent records, other than permanent records, beyond the period mentioned in par. (b) . These records may include, but shall not be limited to, claims files, supplementary contract files, records of uncashed checks, and underwriting files.

(e) Subject to this rule and applicable statutes and rules or regulations of this and other jurisdictions in which the insurer is licensed to do business, the insurer may set its retention of records to conform to its storage facilities.

(5)   Nondomestic insurers.

(a) Records with regard to insurance company operations in the state of Wisconsin for the preceding 3 years shall be maintained in the form specified under sub. (4) and be available to the commissioner, or the insurance regulatory agency of the insurer's state of domicile.

(b) The requirements of this rule pertaining to an insurer's operations in the state of Wisconsin may be met by compliance with the record retention law of its state of domicile. If no such law or regulation exists, an insurer may comply with this rule by presenting a statement attesting to the fact that its record retention system is acceptable to its state of domicile.

(7)   Penalty. Violations of this rule by any person shall subject the person to the penalties set forth in s. 601.64 , Stats.

(8)   Effective date. As provided in s. 227.22 (2) (intro.) , Stats., this rule shall take effect on the first day of the month following its publication.

History: Cr. Register, June, 1981, No. 306 , eff. 7-1-81; r. (6) under s. 13.93 (2m) (b) 16., Stats., Register, December, 1984, No. 348 ; correction in (8) made under s. 13.93 (2m) (b) 7., Stats., Register, May, 1987, No. 377 ; cr. (2) (b) 10., Register, November, 1993, No. 455 , eff. 2-1-94; corrections in (3) made under s. 13.93 (2m) (b) 7., Stats., Register, February, 2000, No. 530 ; correction in (2) (b) 5. and 6. made under s. 13.93 (2m) (b) 7., Stats., Register January 2002 No. 553 ; correction in (2) (a) made under s. 13.92 (4) (b) 7., Stats., Register August 2014 No. 704 .

Note

Sections Ins 2.07 (5) (a) 2. d. and (b) 2. b. do not exist. Section Ins 2.07 was repealed and recreated eff. 3-1-82. Microsoft Windows NT 6.1.7601 Service Pack 1