2014 New York Laws
ISC - Insurance
Article 79 - (7901 - 7913) SERVICE CONTRACTS
7908 - Recordkeeping requirements.

NY Ins L § 7908 (2014) What's This?

7908. Recordkeeping requirements. (a) Books and records. (1) A provider or its administrator shall keep accurate accounts, books and records concerning transactions regulated under this article.

(2) A provider's or its administrator's accounts, books and records shall include:

(A) copies of each type of service contract issued;

(B) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder to the provider;

(C) a list of the provider locations where service contracts are marketed, sold, offered for sale, issued, made or proposed to be made or administered; and

(D) written claims filed which shall contain at least the dates and description of all claims related to the service contracts.

(3) Except as provided in subsection (b) of this section, a provider or its administrator shall retain all of the service contract records required under paragraph two of this subsection pertaining to each service contract holder for at least three years after the specified period of coverage thereunder has expired.

(4) A provider may keep all records required under this article on a computer disk or other similar technology. If the records are maintained in other than hard copy, the records shall be capable of duplication to legible hard copy at the request of the superintendent.

(b) A provider discontinuing business in this state shall maintain its records until it furnishes to the superintendent satisfactory proof that it has discharged all obligations to service contract holders in this state.

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