§ 31A-26-306. Place of business -- Records.

(1)

(a) An insurance adjuster licensed under this chapter shall register and maintain with the commissioner:

(i) the address and telephone number of the licensee's principal place of business;

(ii) a valid business email address at which the commissioner may contact the licensee; and

(iii) if the licensee is an individual, the licensee's residence address and telephone number.

(b) A licensee shall notify the commissioner within 30 days of a change in one of the following required to be registered under Subsection (1)(a):

(i) an address;

(ii) a telephone number; or

(iii) a business email address.

(2) Except as provided under Subsection (3), an insurance adjuster shall keep at the address registered under Subsection (1), a record of the transactions consummated under the insurance adjuster's license, including a record of:

(a) each investigation or adjustment undertaken or consummated; and

(b) a fee, commission, or other compensation received or to be received by the adjuster on account of the investigation or adjustment.

(3) Subsection (2) is satisfied if the records specified in Subsection (2) can be obtained immediately from a central storage place elsewhere by on-line computer terminals located at the registered address.

(4)

(a) A record maintained as to a transaction under Subsection (2) shall be kept available for the inspection of the commissioner during all business hours for a period of time after the date of the transaction specified by the commissioner by rule, but in no case for less than the current calendar year plus three years.

(b) Discarding a record after the then applicable record retention period is passed does not place the licensee in violation of a later-adopted longer record retention period.

Amended by Chapter 284, 2011 General Session