(a) Every adjuster or independent bill reviewer shall keep a record of all transactions consummated under the licensee’s license. This record shall be in organized form according to class of insurance and shall include:
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(1) If an adjuster, a record of each investigation or adjustment undertaken or consummated, and a statement of any fee, commission, or other compensation received or to be received by the adjuster on account of the investigation or adjustment;(2) If an independent bill reviewer, a record of each bill reviewed and a statement of any fee, commission, or other compensation received or to be received by the independent bill reviewer on account of the bill reviewed; and(3) Any additional information as shall be customary, or as may reasonably be required by the commissioner.(b) All such records as to any particular transaction shall be kept in the licensee’s office, available and open to the inspection of the commissioner during business hours during the five years, and in the case of workers’ compensation claims during the eight years, immediately after the date of the completion of such transaction.(c) This section shall not apply to life or accident and health or sickness insurance if the records required of such insurance are customarily maintained in the offices of the insurer.
