Hello,
I'm a frequent lurker and infrequent participator but have hit an impasse
on a retention schedule review that I'm hoping others in the insurance
industry can provide some input on. For some background, I'm the records
manager at a financial services company with offices in all 50 states. We
are regulated by the insurance industry and SEC.
While researching the requirements for financial reporting working papers,
we ran across the regulation below. I think our accounting journals and
transaction registers which are retained permanently are adequate as books
of original entry, but others believe this could also apply to financial
reporting working papers. Has anyone else had to address this regulation?
If so, what are you retaining as books of original entry?

11 NCAC 11C .0105


Retention of records of domestic insurance companies


(a) All records of domestic insurance companies shall be maintained by the
company for the years for which a statutory examination has not yet been
completed. All books of original entry and corporate records shall be
retained by the company or its successor for a period of 25 years after the
company ceases to exist.


(g) Every foreign insurer licensed in North Carolina shall be in
substantial compliance with this Rule.

Your assistance and input is greatly appreciated!

Shana Schmitz
Corporate Records Manager
E-mail: [log in to unmask]

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