Okla. Issues Urgent Notice Regarding Record Storage

Oklahoma Insurance Commissioner Carroll Fisher issued the following notice to producers, which he categorized as “urgent,” regarding storage of documents:

“Recently, we learned that some agencies have begun saving documents in electronic format only, or forwarding them to their companies for electronic storage.

“While this may seem to be a step forward, state law at 36 O.S. § 1435.13(E) requires you to keep your records relating to the sales of policies for three years. The records must be in your office and in hard copy format.

“This came to our attention during the investigation of an alleged insurance fraud case that could have been proven had the required records been available.

“If you have any questions regarding this directive, please call Michael Ridgeway (521-6618) or Phil Marsh (522-4628) in my office. You may call them toll free at (800) 522-0071.

“Thank you for your prompt attention to this matter.”