How long must all records of surplus lines business be kept?

In South Carolina, the standard requirement for keeping records of surplus lines business is a minimum of five years. This time frame ensures that relevant documents are available for review or audit, as well as for handling any claims or disputes that may arise after the transaction. Maintaining such records for five years aligns with general practices in the insurance industry, which promotes transparency and regulatory compliance.

While some industries or specific types of records may have different retention requirements, the five-year rule for surplus lines is designed to balance the need for accessibility of information with the practicalities of record storage. Keeping records longer than five years may not be necessary unless specifically required for particular circumstances or ongoing litigation.