Section 34(5) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(5)All the books, documents, statements, contract notes etc., referred to in this regulation and maintained by the insurance broker shall be retained for a period of at least seven years from the end of the year to which they relate. However, the documents pertaining to the cases where claims are reported and the decision is pending for a decision from courts, the documents are required to be maintained till the disposal of the cases by the court. In the case of reinsurance brokers, all other documents are required to be maintained till its natural expiry.
