Sec 6-1406. Books and records of premium finance company; access to records

A. A licensee shall maintain books, accounts and records as prescribed by the superintendent that will enable the superintendent to determine whether the licensee is complying with the provisions of this article.

B. A licensee shall preserve its books, accounts and records of premium finance transactions for at least three years after making the final entry with respect to any premium finance agreement. The preservation of records in any form authorized by the superintendent constitutes compliance with this section.

C. Every licensee shall observe generally accepted accounting principles and practices.

D. A licensee shall make any books, accounts and records that are kept outside of this state available to the superintendent in this state not more than three business days after demand or the superintendent may choose to perform the examination or investigation at the office of the licensee located outside of this state.

E. For purposes of this article, the superintendent or his duly authorized representatives shall have access to the offices and places of business, files, safes and vaults of all licensees regarding that business or the subject matter of any examination, investigation or hearing during business hours.