Sec. 16. (a) The board of directors shall develop a records retention policy. In developing the policy, the board of directors shall consider:

(1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;

(2) state and federal statutes of limitation applicable to legal actions and administrative proceedings; and

(3) the availability of information contained in the company records from other sources.

     (b) Except for records that must be permanently retained, a company may dispose of a record that has been retained for the period required and in the manner required by the records retention policy. A company is not under a duty to produce the record in an action or proceeding after the disposal of the record.

     (c) The department may require each such company to prepare and submit such reports of condition as are deemed necessary in any year, and if the department so orders, any such company shall publish such statement of condition in the manner and form prescribed by the department.

Formerly: Acts 1935, c.181, s.16. As amended by P.L.263-1985, SEC.154; P.L.11-1998, SEC.10.