How long must complaints received by insurers or agents be maintained?

Insurers and agents are required to maintain complaints for three years to ensure compliance with regulatory oversight and consumer protection principles. This duration allows for sufficient time for any investigations, audits, or reviews that may arise from those complaints. Retaining complaints for three years provides regulators with an opportunity to assess the insurer's practices, patterns of complaints, and overall consumer service, which can help identify systemic issues that may need addressing.

The three-year retention period also aligns with many industry standards and regulatory guidelines, which aim to balance the need for record-keeping with the practical considerations of document management. By maintaining records for this duration, insurers and agents can resolve ongoing disputes more efficiently and track trends over time, thereby contributing to improved service delivery and compliance with state laws.