Each adjuster shall keep at his or her business address shown on the adjusters license a record of all transactions under the license.
The record shall include:
A copy of each contract between an independent adjuster and an insurer or self-insurer.
A copy of all investigations or adjustments undertaken.
A statement of any fee, commission or other compensation received or to be received by the adjuster on account of such investigation or adjustment.
The adjuster shall make such records available for examination by the Commissioner at all times, and shall retain the records for at least 3 years after the closure of the claim to which the records apply.
An independent adjuster shall comply with any record retention policy agreed to in a contract between the independent adjuster and an insurer or self-insurer to the extent that such a policy imposes a requirement to retain records for a longer period than the period required by this section.