616.60 Record-keeping requirements.

(1)

(a) A provider shall keep accurate accounts, books, and records concerning transactions regulated under this subchapter.

(b) A provider's accounts, books, and records shall include all of the following:

1. Copies of each type of service contract sold.

2. The name and address of each service contract holder that has furnished such information to the provider.

3. A list of the locations where service contracts are marketed, sold, or offered for sale in this state.

4. Written claims files that shall contain at least the dates, descriptions, and amounts paid or denied for claims related to the service contracts.

5. The effective date, expiration date, name of the seller, and provider fee paid for each service contract sold in this state.

(c) Except as provided in sub. (2), a provider shall retain all records required to be maintained under this subsection for a service contract for at least one year after the period of coverage specified in the contract has expired.

(d) The records required under this subsection may be, but are not required to be, maintained on a computer disk or other record-keeping technology. If the records are maintained in other than hard copy, the records shall be capable of duplication to electronic copy or legible hard copy at the request of the commissioner.

(2) A provider discontinuing business in this state shall maintain its records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to service contract holders in this state.

History: 2011 a. 226.