(8)Every insurer shall retain all the documents relating to claims settled including copies of any survey or loss assessment reports connected therewith:(i)in respect of every loss or damages on which a claim of less than Rs. 5,000 has been made, for a period of three years;(ii)in respect of every loss or damage on which a claim of Rs. 5,000 or more but less than Rs. 20,000 has been made, for a period five years;(iii)in respect of every loss or damage on which a claim of Rs. 20,000 or more but less than rupees one lakh has been made for a period of seven years; and(iv)in respect of every loss or damage on which a claim of rupees one lakh or more has been made, for a period of twelve years;such period being counted from the date on which the claim is settled.
