Ill. Admin. Code tit. 50, § 3502.30 - Disposal and Destruction of Records
a) The company is authorized to dispose of or
destroy records in its custody that do not have sufficient administrative,
legal or fiscal value to warrant their further preservation and are not needed:
1) in the transaction of current
business;
2) for the final
settlement or disposition of any claim arising out of a policy of insurance
issued by the company, except that these records must be maintained for the
current year plus 5 years; or
3) to
determine the company's financial condition for the period since the date of
the last examination report of the company officially filed with the Illinois
Department of Insurance, except that these records must be maintained for at
least the current year plus 5 years.
b) Non-records may be destroyed at any time
by the company in possession of them.
Notes
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