How long must an insurance company keep its records, according to standard regulations?

The requirement for an insurance company to retain its records for a specified period is largely guided by regulations designed to ensure compliance, accountability, and ease of access for audits or regulatory reviews. In many jurisdictions, the standard duration for which insurance companies must keep their records is five years. This timeframe allows for the necessary documentation to be readily available for reference in case of claims, complaints, or regulatory inquiries.

Records may include policy documentation, claims records, financial statements, and correspondence related to policyholders. Retaining these records for five years strikes a balance, giving enough time for most issues to be resolved while also allowing companies to manage their storage efficiently. Regulations can vary by region and specific circumstances, but five years is a common standard in many places.

Other options, like ten years or indefinitely, may be applicable in certain specific contexts, such as for particular types of transactions or based on different regulatory requirements, but five years is generally recognized as the baseline for standard record retention in insurance practices.