A. An insurance producer shall keep at the insurance producer’s principal place of business the usual and customary records that pertain to transactions under the insurance producer’s license. The insurance producer shall keep all records for any transaction for three years immediately after the date of completion of the transaction and shall make them available and open to the inspection of the director at any business time during those three years.

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B. A business entity insurance producer shall have at least one insurance producer individually licensed for the appropriate lines of authority in each office or place of business in which the business entity transacts insurance in this state.