State RegulationsNC specificDifficulty 2/5
Under 11 NCAC 12 .0612(a)(3),(d), for how long must a replacing insurer be able to produce copies of the Notice Regarding Replacement, and how are they organized?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under 11 NCAC 12 .0612(a),(d), the replacing insurer must be able to produce copies of the Notice Regarding Replacement, indexed by producer, for at least 5 years or until the next regular examination by the domicile regulator, whichever is later. Verification letters are kept 5 years after policy termination.
Why the other options are wrong
- B) Three years is shorter than the rule's five-year minimum, and the index is by producer, not policy number.
- C) Retention runs at least five years, far beyond the first policy anniversary.
- D) The rule sets a minimum period tied to the next domicile examination, not a permanent retention duty.
Memory hook
Keep replacement notices 5 years, filed by producer.