N.Y. Insurance Law 7908 – Recordkeeping requirements
§ 7908. Recordkeeping requirements. (a) Books and records. (1) A provider or its administrator shall keep accurate accounts, books and records concerning transactions regulated under this article.
Terms Used In N.Y. Insurance Law 7908
- Administrator: means any person designated by a provider to be responsible for administration of service contracts, including servicing, claims management and processing, recordkeeping, customer service and collection of fees. See N.Y. Insurance Law 7902
- Contract: A legal written agreement that becomes binding when signed.
- contract holder: means a person who is the purchaser or holder of a service contract. See N.Y. Insurance Law 7902
- Provider: means a person who markets, sells, offers for sale, issues, makes or proposes to make or administers a service contract, and who is contractually obligated to provide service under a service contract. See N.Y. Insurance Law 7902
- Service contract: means a contract or agreement, for a separate or additional consideration, for a specific duration to perform the repair, replacement or maintenance of property, or indemnification for repair, replacement or maintenance, due to a defect in materials or workmanship or wear and tear, with or without additional provision for indemnity payments for incidental damages, provided any such indemnity payment per incident shall not exceed the purchase price of the property serviced. See N.Y. Insurance Law 7902
(2) A provider's or its administrator's accounts, books and records shall include:
(A) copies of each type of service contract issued;
(B) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder to the provider;
(C) a list of the provider locations where service contracts are marketed, sold, offered for sale, issued, made or proposed to be made or administered; and
(D) written claims filed which shall contain at least the dates and description of all claims related to the service contracts.
(3) Except as provided in subsection (b) of this section, a provider or its administrator shall retain all of the service contract records required under paragraph two of this subsection pertaining to each service contract holder for at least three years after the specified period of coverage thereunder has expired.
(4) A provider may keep all records required under this article on a computer disk or other similar technology. If the records are maintained in other than hard copy, the records shall be capable of duplication to legible hard copy at the request of the superintendent.
(b) A provider discontinuing business in this state shall maintain its records until it furnishes to the superintendent satisfactory proof that it has discharged all obligations to service contract holders in this state.