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Article (18) Records of the Insurance Agency

IA-BOD-RES 8/2011 Effective from 7/4/2011
  1. The Insurance Agent shall duly keep regular books and records and shall record the data and information and shall store the papers related to the business practiced by agency for the Company, as the case may be, including:
     
    1. Name and address of the Insurance Company for which the Insurance Agent practices the insurance business;
       
    2. A copy of the agency agreement signed between the Insurance Agent and the Company;
       
    3. The Insurance business practiced by agency for the Company;
       
    4. Memos and correspondence related to the agency business;
       
    5. Applications for insurance received by the Insurance Agent for the Company;
       
    6. Names of the insurance applicant, insured and the beneficiary of insurance, and the collected premiums;
       
    7. Insurance policies and endorsements concluded by agency for the Company;
       
    8. Paid compensations and outstanding claims;
       
    9. Receipts and serial numbered documents related to receipt, disbursement, recording, settlements and other financial transactions related to the insurance agency business practiced by the Insurance Agent; and
       
    10. Bank accounts for the insurance agency business.
       
  2. The Insurance Agent shall keep the records for a period of no less than five years from the date of their closure.
     
  3. The Director General shall determine the records to be kept by the Insurance Agent, including records set forth in the instructions on regulating the records of insurance companies applicable pursuant to resolutions of the IA.