State RegulationsFL specificDifficulty 2/5
How long must the replacing insurer keep the records of a Florida replacement transaction?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under F.A.C. 69B-151.007, the replacing insurer must maintain replacement records for at least 3 years or until the next routine examination of the place of business, whichever is later. The 'whichever is later' language prevents destroying records DFS examiners have not yet reviewed, and the existing insurer has a parallel recordkeeping duty under F.A.C. 69B-151.008.
Why the other options are wrong
- A) The rule extends rather than shortens the retention period; the later of 3 years or the next routine examination controls.
- C) No 5-year post-maturity retention requirement exists; the verified period runs from the transaction itself.
- D) The existing insurer's acknowledgment does not end the recordkeeping obligation.
Memory hook
Three years minimum - and never less than the next exam.