For how many years is a broker required to maintain records of a policy after the policy term ends?

A broker is required to maintain records of a policy for a period of five years after the policy term ends. This requirement aligns with general industry practices and regulations that aim to ensure that brokers have access to necessary documentation for potential audits, claims, and regulatory inquiries.

Maintaining records for this duration allows brokers to verify transactions, respond to client inquiries, and comply with legal and regulatory obligations. It is a critical aspect of risk management, as it helps brokers to protect themselves and their clients by having thorough documentation readily available.

While some records may be required for longer or shorter periods based on specific state regulations or different types of documents, a five-year retention period is a common standard in many jurisdictions for various types of insurance records.