(a) A license holder shall keep a complete record in this state of each of the license holder’s transactions as a public insurance adjuster. The records must include each of the following:
(1) the name of the insured;
(2) the date, location, and amount of the loss;
(3) a copy of the contract between the license holder and the insured;
(4) the name of the insurer and the amount, expiration date, and number of each policy under which the loss is covered;
(5) an itemized statement of the recoveries by the insured from the sources known to the license holder;
(6) the total compensation received for the adjustment; and
(7) an itemized statement of disbursements made by the license holder from recoveries received on behalf of the insured.
(b) Records required to be kept under this section must be:
(1) maintained in this state for at least five years after the termination of a transaction with the insured; and
(2) open to examination by the commissioner.