How long must records of life insurance policies be retained by insurers?

Insurers are required to retain records of life insurance policies for a period of five years. This duration helps ensure that they can efficiently respond to any inquiries or claims related to the policies during that time frame. Retaining these records is crucial for maintaining accurate and readily accessible information, which supports the insurer's ability to manage policies, provide necessary documentation for claims, and comply with regulatory requirements.

Five years is a period that balances the need for maintaining records for operational and regulatory reasons while avoiding the unnecessary burden of keeping records indefinitely. This approach allows insurers to manage their documentation efficiently while ensuring compliance with state laws and providing necessary customer service.