Preservation of Insurance Records

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IC CIRCULAR LETTER NO. 13/95 CL: Preservation of Insurance Records

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Title Supreme Court: Preservation of Insurance Records

Law: Ic Circular Letter No. 13/95 Cl

Decision Date: Jun 9, 1995

Insurance companies must maintain their financial records and supporting documents for a minimum of five years to ensure compliance and facilitate verification by the Commissioner.

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Duration for Preservation of Records

Insurance companies must retain all book records and documents supporting the Annual Statement for a period of at least five (5) years from the date such statement is approved.

Preservation of Historical Data

In addition to the required records for the Annual Statement, other records and documents concerning the company’s financial condition and notable changes in ownership or operations must also be preserved.
These must be kept in a manner that ensures their availability for verification at any given time, emphasizing continuous accessibility.

Immediate Effectivity

This circular took effect immediately upon issuance on June 9, 1995.

Legal and Regulatory Framework

The authority and requirements outlined are pursuant to Section 245 of the Insurance Code.
Compliance ensures regulatory oversight of insurance companies’ financial status and operations to safeguard public interest and market stability.

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