How long must an insurance producer keep complete records of transactions under their license?

Insurance producers are required to maintain complete records of all transactions conducted under their license for a minimum of three years. This period aligns with regulatory requirements that ensure transparency and accountability in the insurance industry. Keeping records for three years allows for thorough review and investigation if any disputes arise or if there is a need for verification related to the producer's activities. It also helps in adhering to the principles of good governance and compliance with state regulations, which seek to protect both the consumers and the integrity of the insurance market. In states like Alabama, understanding these requirements is crucial for staying compliant and avoiding any potential penalties.