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The office of General Counsel issued the following informal opinion on July 11, 2000, representing the position of the New York State Insurance Department.

Re: Insurance Company’s Records Retention Period

Question Presented:

How long must an insurance company keep records on file concerning claims made for personal injury or property damage that occurred on its insured’s premises?

An insurer is required pursuant to N.Y. Comp. Codes R. & Regs. tit. 11, §243.2 (1995) to retain all pertinent information on a claim for personal injury or property damage for at least 6 years after the claim is closed or after completion of a statutory examination covering the period in which the claim arose, whichever is later.

For further information you may contact Associate Attorney Nicholas C. Silletti at the New York City Office.

 

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