Ins 6.80 Ins 6.80 Retention of records.

Ins 6.80(1) (1) Purpose. The purpose of this section is to establish standards for record retention by insurers and other persons subject to the regulation of the commissioner.

Ins 6.80(2) (2) Scope.

Ins 6.80(2)(a) (a) This section shall apply to all insurers licensed under chs. 611, 612, 613, 614, and 618, Stats., and including the Local Property Insurance Fund, the State Life Insurance Fund, and the State Indemnity Fund.

Ins 6.80(2)(b) (b) The following sections also apply:

Ins 6.80(2)(b)1. 1. Section Ins 1.01 (3) applies to fraternals.

Ins 6.80(2)(b)2. 2. Sections Ins 2.07 (5) (a) 2. d. and (b) 2. b. apply to life insurance.

Ins 6.80 Note Note: Sections Ins 2.07 (5) (a) 2. d. and (b) 2. b. do not exist. Section Ins 2.07 was repealed and recreated eff. 3-1-82.

Ins 6.80(2)(b)3. 3. Section Ins 3.25 (9) (d) applies to credit life and accident and sickness insurance.

Ins 6.80(2)(b)4. 4. Section Ins 3.27 (28) applies to disability insurance.

Ins 6.80(2)(b)5. 5. Section Ins 6.17 (3) (c) and (d) apply to surplus lines.

Ins 6.80(2)(b)6. 6. Sections Ins 6.30 (2) (a) 1. e., 6.30 (3) (a) 3. e., (4) (a) 2. e. and (5) (a) 3. apply to property and casualty insurers.

Ins 6.80(2)(b)7. 7. Section Ins 6.55 (5) (b) applies to all insurers.

Ins 6.80(2)(b)8. 8. Section Ins 6.61 applies to intermediaries.

Ins 6.80(2)(b)9. 9. Section Ins 8.09 applies to employee welfare funds.

Ins 6.80 Note Note: Section Ins 8.09 has been repealed.

Ins 6.80(2)(b)10. 10. Sections Ins 8.65 (4) and 8.69 (6) apply to small employer insurers.

Ins 6.80(3) (3) Definitions.

Ins 6.80(3)(a) (a) “Domestic insurer” has the meaning set forth in s. 600.03 (17), Stats.

Ins 6.80(3)(b) (b) “Insurer” has the meaning set forth in s. 600.03 (17), Stats.

Ins 6.80(3)(c) (c) “Nondomestic insurer” has the meaning set forth in s. 600.03 (32), Stats.

Ins 6.80(3)(d) (d) “Hard copy” means any information which is procured from an alternate storage facility such as microfilm, microfiche or electronic data processing and reproduced into proper form.

Ins 6.80(4) (4) Domestic insurers.

Ins 6.80(4)(a) (a) Corporate records such as minute books, articles and by-laws, and stock and membership records shall be retained as permanent records.

Ins 6.80(4)(a)1. 1. General ledgers shall be retained as permanent records.

Ins 6.80(4)(a)2. 2. Rate books, agents’ handbooks, underwriting manuals, specimen forms, and related actuarial material, as well as reinsurance contracts, shall be retained as long as the related insurance coverage remains in force.

Ins 6.80(4)(b) (b) Records of insurance company operations and other financial records reasonably related to insurance operations for the preceding 3 years shall be maintained and be available to the commissioner.

Ins 6.80(4)(c) (c) Records maintained under par. (b) may be in written form or in any other form capable of being converted to written form within a reasonable period of time.

Ins 6.80(4)(c)1. 1. Original documents, such as claim files, invoices, cancelled checks, underwriting information and other similar materials may be maintained on microfilm or microfiche so long as the records thus maintained are readily available to the commissioner and can be reproduced in hard copy.