Keeping records for service contracts

(a) The provider or provider's administrator shall keep accurate accounts, books, and records of all transactions regulated under this chapter. (b) Accounts, books, and records maintained as required by this section shall include the following: (1) Copies of each type of service contract sold; (2) The name and address of each contract holder, to the extent that the name and address have been furnished by the contract holder; (3) A list of the locations where the provider's service contracts are marketed, sold, or offered for sale; and (4) Recorded claims files which at a minimum shall contain the date and description of each claim under the provider's service contracts. (c) The provider for each service contract shall retain records required under this section for at least one year after coverage under the contract has expired. A provider discontinuing business in this State shall maintain records required under this section until it provides the commissioner with satisfactory proof that the provider has discharged all contractual obligations to contract holders in this State. (d) The records required under this section may be, but are not required to be, maintained on a computer disk or other recordkeeping technology. If records are maintained in a form other than hard copy, the records shall be in a form allowing duplication as legible hard copy at the request of the commissioner. (e) Upon request of the commissioner, the provider shall make available to the commissioner all accounts, books, and records concerning service contracts sold by the provider reasonably necessary to enable the commissioner to determine compliance or noncompliance with this chapter.