Section 901.5  Introduction

 

No domestic company shall destroy any books, records, documents, accounts or vouchers, hereafter referred to as "records", except in conformity with the requirements of this Part.

 

Section 901.10  Definitions

 

            "Non-Record" material means:

 

            Material not filed as evidence of the company's administrative or business activities or for the informational content thereof;

 

            Extra copies of documents or reproductions of documents maintained for convenience or reference;

 

            Stocks of printed or reproduced documents kept for supply purposes, where file copies have been retained for record purposes;

 

            Books, periodicals, newspapers, posters, pamphlets and other materials made or acquired and preserved solely for reference or exhibition purposes;

 

            Private materials neither made nor received by a company pursuant to law or in connection with the transaction of its business;

 

            Company dailies more than six (6) months after expiry or cancellation date of the policy if the data therein contained is, to the extent material or necessary to the determination of the financial condition of the company, contained in other records.

 

            "Records" material means all books, papers and documentary materials regardless of physical form or characteristics, made, produced, executed or received by any domestic insurance company pursuant to law or in connection with the transaction of its business and preserved or appropriate for preservation by such company or its successors as evidence of the organization, function, policies, decisions, procedures, obligations and business activities of the company or because of the informational data contained therein. If doubt arises as to whether certain papers are "non-record" materials, it should be assumed that the documents are "records".

 

            Non-Record materials may be destroyed at any time by the company in possession of such materials without the prior approval of the Director of Insurance.

 

Section 901.20  Disposal and Destruction of Records

 

The company is authorized to dispose of or destroy records in its custody that do not have sufficient administrative, legal or fiscal value to warrant their further preservation and are not needed:

 

 

a)         in the transaction of current business;

 

b)         for the final settlement or disposition of any claim arising out of a policy of insurance issued by the company, except that these records must be maintained for the current year plus 5 years; or

 

c)         to determine the financial condition of the company for the period since the date of the last examination report of the company officially filed with the Department of Insurance, except that these records must be maintained for at least the current year plus 5 years.

 

(Source:  Amended at 40 Ill. Reg. 7895, effective May 23, 2016)