[§481X-5]  Recordkeeping.  (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. [L 2000, c 221, pt of §2]