STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
Re: Record Retention Requirements
What is the amount of time that an insurer must maintain an application that is denied?
An application that is denied must be maintained by an insurer for the longer of six calendar years or until after the filing of the report on examination in which the record was subject to review.
No facts were provided.
N.Y. Comp. Codes R. & Regs. tit. 11, § 243.2(b)(2) (1996) (Regulation 152) states:
(b) Except as otherwise required by law or regulation, an insurer shall maintain: . . .
(2) An application where no policy or contract was issued for six calendar years or until after the filing of the report on examination in which the record was subject to review, whichever is longer.
While not the subject of your inquiry we refer you to OGC Opinion Number 03-09-05 (09/08/2003) that opines on maintaining an application as part of a policy record when an insurance contract is issued.
Enclosed is a copy of Regulation 152 and OGC Opinion Number 03-09-05 (09/08/2003).
OGC has issued numerous opinions regarding record retention that are accessible on the Insurance Department's web site (www.ins.state.ny.us) through the link "Circular Letters, Regulations, Opinions, Laws".
For further information one may contact Robert Freedman, Senior Attorney at the New York City Office.