Record retention requirements

(1) A public adjuster shall keep at the public adjuster's address that the public adjuster registers with the commissioner a record of each investigation, adjustment, or transaction the public adjuster undertakes or completes under the public adjuster's license. (2) For each investigation, adjustment, or transaction, a record described in Subsection (1) shall include: (a) the name of the insured; (b) the date, location, and amount of the loss the insured incurs; (c) a copy of the contract between the public adjuster and the insured; (d) for each policy an insured carries that relates to the loss the insured incurs: (i) the name of the insurer; (ii) the amount of the policy; (iii) the expiration date of the policy; and (iv) the number of the policy; (e) an itemized statement of each of the insured's recoveries; (f) an itemized statement of all compensation the public adjuster receives in connection with the investigation, adjustment, or transaction; (g) a register of all money the public adjuster receives, deposits, disburses, or withdraws in connection with a transaction with an insured, including: (i) a fee transfer; (ii) a disbursement from a trust account; or (iii) a transaction that involves an interest-bearing account; (h) the name of the public adjuster that executed the contract; (i) the name of the attorney that represents the insured, if applicable; (j) the name of the insurance company's claims representative; and (k) documentation that the public adjuster meets all applicable statutory financial responsibility requirements.