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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4419
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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how long must financial institutions, insurance companies or

Customer Question

how long must financial institutions, insurance companies or escrow companies maintain their records on a consumer, either electronically or otherwise?
Submitted: 5 years ago via Cornell Legal Info Institute.
Category: Finance
Expert:  Rakhi Vasavada replied 5 years ago.

Dear Friend,

 

It is 5 years for banks. http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_116.htm

 

For insurance companies, where Policy record for each insurance contract or policy -- Longer of (1) six calendar years after the date the policy is no longer in force, or (2) until after the filing of the report of examination in which the record was subject to review.

 

In case of Application where no policy or contract was issued. --Longer of (1) six calendar years or (2) until after the filing of the report of examination in which the claim file was subject to review.

 

In Case of Claim file --Longer of (1) six calendar years after all elements of the claim are resolved and the file is closed, or (2) until after the filing of the report of examination in which the claim file was subject to review.

 

In case of complaint record required to be maintained under Chapter IX (Unfair Trade Practices) of N.Y. Comp. Codes R. & Regs. tit. 11. --- Six calendar years after all elements of the complaint are resolved and the file is closed.

 

For any other record, (1) Six calendar years from its creation, (2) until after the filing of the report of examination in which the record was subject to review, or (3) the conclusion of an investigation in which the record was subject to review.

 

I hope this helps...

Warm Regards,

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