Dear List,

Can anyone offer guidance on retention periods for cancelled checks - specifically in the life insurance industry, as it relates to paid claims?

Assuming that an insurance organization retains accounting ledger records indefinitely, is there any compelling reason why they might want to keep their cancelled checks around indefinitely as well?  I would advocate for an expiry date triggered by the same parameters that dictate retention requirements for other financial or claims-related records.  Again, the ledger is a permanent record should the need arise to audit historical financial transactions.

I could certainly see a case where specific claims (or claim-related records such as cancelled checks) might warrant an extended retention period that surpasses IRS retention requirements and/or relevant statutes of limitations for insurance claims-related actions (say 15 years as opposed to 7) ... but come on, INDEFINITE??  Is there something insurance industry-specific that I might be overlooking?

Any feedback appreciated!

Eugene Stakhov, CRM, CDIA+
Lighthouse Computer Services, Inc.
[log in to unmask]<mailto:[log in to unmask]>
(909) CRM-GENE
Twitter: @crmgene

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