Final answer:
Licensees must keep insurance transaction records on file for 5 years to comply with regulations and ensure transparency and compliance.
Explanation:
Licensees must keep records of insurance transactions on file for 5 years to comply with regulations such as Public Law 91-596 and 29 CFR 1904.
These records should be available for inspection by the Director throughout this period, ensuring transparency and compliance.
Proper document retention practices are crucial to meeting legal requirements and maintaining trust in insurance transactions.
Learn more about Insurance transaction record-keeping regulations here:
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