How long must insurance companies retain records according to Connecticut law?

In Connecticut, insurance companies are required by law to retain records for a minimum of five years. This duration ensures that there is adequate documentation available for any claims or inquiries that may arise during that period, thus serving the interests of both policyholders and the companies themselves. Retaining records for this length of time helps maintain compliance with legal and regulatory requirements, facilitates accurate record-keeping for settlement of claims, and supports ongoing business operations. This regulation is part of ensuring accountability and transparency within the insurance industry in Connecticut, ultimately benefiting consumers who may need to access their insurance history.