What is the required record retention period for surplus lines brokers in Colorado?

In Colorado, surplus lines brokers are required to retain records for a period of five years following the conclusion of a transaction. This regulation is in place to ensure that brokers maintain adequate documentation for auditing and regulatory purposes. Keeping records for this duration allows regulatory authorities to verify compliance with state laws and ensure that all transactions were conducted appropriately.

The five-year retention period is also aligned with industry standards, promoting good practices in recordkeeping. This timeframe covers aspects such as policy documents, financial records, and correspondence related to surplus lines transactions. Adequate record retention is crucial in safeguarding against potential disputes or audits that may arise in the future.

Records must be accessible and organized, supporting the need for brokers to be diligent about their documentation practices to comply with state regulations efficiently.