State RegulationsFL specificDifficulty 2/5
Under Florida's replacement rules, how long must the replacing insurer keep the signed replacement statements and related records?
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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 replacing insurer must obtain the applicant-and-agent dual-signed statement with the application, receive Form OIR-B2-312 and all sales proposals, and keep all replacement records for at least 3 years or until the next routine examination of the place of business, whichever is later. The 5-working-day and 10-day figures in this area are response deadlines for the comparative information forms, not record-retention periods.
Why the other options are wrong
- B) 5 working days is the deadline for mailing the Comparative Information Form, not the retention period.
- C) 10 days is the existing insurer's deadline to provide the B2-313 information, not the retention period.
- D) Records must be kept for years, not merely until the free-look period runs out.
Memory hook
Replacement paper lives 3 years - or to the next exam.