An agent must maintain customer records for how many years following the completion date of the insurance transaction?

The correct duration for an insurance agent to maintain customer records following the completion date of the insurance transaction is five years. This period is consistent with regulations established to ensure that all relevant documents and records are available for review, which aids in consumer protection and compliance with state laws. Retaining records for five years allows agents to respond to inquiries or disputes that may arise concerning transactions made within that timeframe.

This retention period strikes a balance between the necessity for agents to keep accurate records for reference and the need to limit the duration of storage for privacy and efficiency reasons. Therefore, maintaining these records for five years supports accountability and transparency within the insurance industry, ensuring that both agents and their clients have access to relevant information when needed.