How long are insurance agents generally required to keep client records and files according to provincial regulations?

Question: How long are insurance agents generally required to keep client records and files according to provincial regulations?

Answer options:

• 1 year after the policy is issued.
• Until the agent retires or leaves the industry. ✅ For a minimum period as prescribed by provincial regulation (e.g., 5-10 years).
• Records only need to be kept for policies that result in a claim.

Correct answer: For a minimum period as prescribed by provincial regulation (e.g., 5-10 years).

Explanation: Agents must keep records for a specified period (usually at least 5 to 10 years depending on the province) to ensure accountability and to provide evidence of the suitability of recommendations.