New York State Seal
STATE OF NEW YORK
INSURANCE DEPARTMENT
25 BEAVER STREET
NEW YORK, NEW YORK 10004

Eliot Spitzer
Governor

Louis Pietroluongo
Acting Superintendent

The Office of General Counsel issued the following opinion on January 3, 2007, representing the position of the New York State Insurance Department.

Re: Record Retention Requirements

Question Presented:

What is the amount of time that an insurer must maintain an application that is denied?

Conclusion:

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.

Facts:

No facts were provided.

Analysis:

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.