State RegulationsFL specificDifficulty 1/5
For how long must a replacing insurer retain records of a replacement transaction under Florida's replacement rules?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under F.A.C. 69B-151.007, the replacing insurer must keep all records relating to a replacement transaction for at least 3 years, or until the next routine examination of the place of business, whichever is later. The records include the signed replacement statements, the notice, and the sales proposals received with the application.
Why the other options are wrong
- A) Policy maturity can occur decades later; the retention rule is measured in years and examinations, not contract maturity.
- B) The insured's death is not the retention trigger under the replacement rules.
- D) Processing the application is only the beginning; the retention obligation extends well beyond it.
Memory hook
Replacement records: 3 years or next exam, whichever is later.