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Insurance and Financial Planning

In insurance and financial planning, information on client files and the documents used to create them must be kept by the firm, independent partnership, or independent representative for a minimum period of five years following the closure of the client’s file, which is defined as:

  • the definitive closure of the client’s file
  • the date the last service was provided to the client
  • the expiration without renewal, or replacement of the last product sold to the client

The information kept in the separate account record must also be kept for at least five years after the last entry.
As for sales and service statements, entries and accounting transactions, the retention period is a minimum of five years.

It should be noted that the firm, independent partnership, or independent representative must comply with other laws and regulations requiring retention periods for certain documents (HR, tax, anti-money laundering, etc.).