The Oklahoma Insurance Department issued a bulletin clarifying a previous communication on agent records that said hard copies must be maintained.
In the new bulletin, the Department noted that “hard copies” are generally photocopies, and added that it understands that documents may be imaged and hard copies may be printed from those electronic images. The Department has no objection to agents going paperless, as long as records are readily accessible and hard copies can be printed if requested by the Department.
The bulletin was issued in response to an insurer that instructed agents to enter data from applications into a database, transmit the electronic data to the company (without imaging), and shred the application (without keeping a copy).
That procedure does not comply with the statutory requirement of 36 O.S. § 1435.13(E) that agents keep records of all transactions.
If you have any questions regarding this directive, please call Michael Ridgeway at (405) 521-6618 or Phil Marsh at (405) 522-4628 in the Oklahoma Insurance Department. You may call them toll free in Oklahoma at (800) 522-0071. Thank you for your attention to this matter.
Topics Oklahoma
Was this article valuable?
Here are more articles you may enjoy.
Impeachment Sought on Federal Judge Over Sex in Chambers, Lying to Investigators 
WTW: US Commercial Rates Continue Moderation With 2.5% Increase in Q1 
Stellantis Tells Owners of 1.3 Million Jeeps to Park Outside Over Fire Concerns 
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
