Section 6.97. Navigator, nonnavigator assister, navigator entity, and nonnavigator assister entity records.

 

(1)   Purpose. This section protects consumers by prescribing minimum standards and techniques of accounting and data handling of navigators, nonnavigator assisters, navigator entities and nonnavigator assister entities to ensure that timely and reliable information will exist, if applicable, and be available to the commissioner. This section implements and interprets ss. 601.42 and 628.34 , Stats., by establishing the minimum records that are to be maintained.

(2)   Recordkeeping requirements.

(a) Records, generally. Beginning October 1, 2013, each navigator, nonnavigator assister, navigator entity or nonnavigator assister entity shall maintain, for at least a 3-year period, unless a specific period is provided elsewhere, all of the following financial, consumer, and employee records arising from or related to the activities of the navigator or nonnavigator assister, as applicable:

1. Business checking account.

2. Cash disbursed records.

3. Cash receipts records.

4. Personnel records.

5. Consumer or policyholder records.

(b) Cash disbursed record. The cash disbursed record shall show the name of the party to whom the payment was made, date of payment, and reason for payment.

(c) Cash receipts record. The cash receipts record shall show the name of the party who remitted the money, date of receipt, and reason for payment.

(d) Personnel records. Personnel records shall include dates of employment, supervision, or affiliation; position held; description of principal duties; name and last known address and telephone number of employee, supervisee or affiliated person.

(3)   Place of maintaining records.

(a) The navigator or navigator entity shall maintain records, if any, required by sub. (2) at the business address of the navigator or the navigator entity, or at another location only if the navigator provides written notice of the other location to the commissioner.

(b) The nonnavigator assister or nonnavigator assister entity shall maintain records, if any, required by sub. (2) , at the business address of the nonnavigator assister entity or at another location only if the nonnavigator assister entity provides written notice of the other location to the commissioner.

(4)   Updating records. The navigator, navigator entity, and nonnavigator assister entity shall maintain financial records, if any, all records of compliance with prelicensing training completion, successful passage of the examination and continuing education completion, compliance with federal training and other federal requirements for the navigators and nonnavigator assisters it employs, supervises, or is affiliated with, as applicable for at least 3 years from the transaction of an insurance business.

History: EmR1314 : emerg. cr. eff. 9-10-13; CR 13-113 : cr. Register August 2014 No. 704 , eff. 9-1-14; (2) (a) (title) added under s. 13.92 (4) (b) 2. , Stats., Register August 2014 No. 704 .