State RegulationsFL specificDifficulty 3/5
Under Florida's replacement rules, when may a replacing insurer discard records of a replacement transaction?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under F.A.C. 69B-151.007, the retention period runs for at least 3 years, or until the next routine examination of the place of business, whichever is later, so an examination that follows the transaction can extend the time the records must be kept. Discarding records earlier leaves the insurer unable to demonstrate compliance in a DFS review.
Why the other options are wrong
- B) Issuance starts the retention clock rather than ending it.
- C) Premium clearing has no connection to the regulatory retention period.
- D) The existing insurer's consent is not a basis for the replacing insurer to destroy records.
Memory hook
Keep records past 3 years if an exam comes first.