In Colorado, how long must an insurance company retain records of an insurance policy after it has been written?

In Colorado, an insurance company is required to retain records of an insurance policy for a minimum of five years after the policy has been written. This retention period is designed to ensure that the company has adequate documentation in case of any disputes, claims, or audits that may arise during that time. Keeping records for five years provides a balance between the need for consumers to have access to their information and the operational requirements of the insurance company to manage and process claims, cancellations, and policy renewals effectively.

This duration also aligns with practices that facilitate accountability and compliance with state regulations, supporting the integrity of the insurance market in Colorado. Having access to these records is essential for both the insurer and the insured, especially in resolving any potential issues related to the policy during its terms and shortly thereafter.