For how long must records be available for inspection by the director?

The correct answer is that records must be available for inspection by the director for at least five years. This duration aligns with typical regulatory practices in the insurance industry, where maintaining records for a specific period is crucial for transparency, compliance, and accountability. A five-year retention period ensures that any disputes, claims, or audits can be addressed with relevant documentation readily available for review.

Retention periods beyond five years, while sometimes applicable in specific situations or under different jurisdictions, are not standard for general recordkeeping in this context. Thus, five years strikes a balance between adequately preserving information that can assist in claims handling and regulatory oversight, while also not unnecessarily burdening entities with prolonged retention requirements.