A. Insurers, general agents, independent agencies, business entities and producers shall maintain, or be able to make available to the director, records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for at least five years after the insurance transaction is completed by the insurer. An insurer may but is not required to maintain documentation on behalf of a producer.

B. Records required to be maintained by this article may be maintained in paper, photographic, microprocess, magnetic, mechanical or electronic media or by any process that accurately reproduces the actual document.