50.61—Recordkeeping.
(a)
Each insurer that seeks payment of a
Federal share of compensation under subpart F of
this part shall retain such records as are
necessary to fully disclose all material matters
pertinent to insured losses and the Federal share
of compensation sought under the Program,
including, but not limited to, records regarding
premiums and insured losses for all commercial
property and casualty insurance issued by the
insurer and information relating to any adjustment
in the amount of the Federal share of compensation
payable. Insurers shall maintain detailed records
for not less than five (5) years from the
termination dates of all reinsurance agreements
involving commercial property and casualty
insurance subject to the Act. Records relating to
premiums shall be retained and available for
review for not less than three (3) years following
the conclusion of the policy year. Records
relating to underlying claims shall be retained
for not less than five (5) years following the
final adjustment of the claim.
(b)
Each insurer that collects a Federal
Terrorism Policy Surcharge as required by subpart
H of this part shall retain records related to
such Surcharge, including records of the property
and casualty insurance premiums subject to the
Surcharge, the amount of the Surcharge imposed on
each policy, aggregate Federal Terrorism Policy
Surcharges collected, and aggregate Federal
Terrorism Policy Surcharges remitted to Treasury
during each assessment period. Such records shall
be retained and kept available for review for not
less than three (3) years following the conclusion
of the assessment period or settlement of accounts
with Treasury, whichever is later.