For how long must a licensee keep customary records of authorized transactions at their place of business in Oklahoma?

In Oklahoma, a licensee is required to maintain customary records of authorized transactions for a period of three years at their place of business. This requirement aligns with regulations that ensure transparency and accountability in the insurance industry. Keeping these records for three years allows both the licensee and regulatory bodies to have access to relevant information if any disputes arise or if there's a need to review past transactions for compliance purposes.

This retention period provides a sufficient timeframe for audits and investigations, balancing the need for thoroughness with the recognition that businesses should not be burdened with indefinite record-keeping. By adhering to this requirement, licensees can ensure they are operating within the laws set forth and are prepared for any regulatory reviews or inquiries regarding their business practices.