How long must insurers retain records of claims in West Virginia?

In West Virginia, insurers are required to retain records of claims for a minimum of five years. This retention period ensures that insurers have access to important documentation related to claims processing, which can be essential for various reasons, such as addressing disputes, audits, or regulatory inquiries. It serves to protect both the insurer and the insured, ensuring that records are available for any necessary review or legal action that may occur post-claim.

The five-year duration aligns with broader industry practices, allowing insurers adequate time to address any issues that may arise from a claim. Additionally, retaining records for this length of time helps maintain compliance with state regulations, which can specify the requirements for documentation retention in an effort to support fair and efficient insurance practices.