All motor vehicle service contract providers shall keep accurate accounts, books and records concerning transactions regulated under the provisions of this act. A motor vehicle service contract provider's accounts, books and records shall include: (1) Copies of all motor vehicle service contracts issued; (2) The name and address of each motor vehicle service contract holder; and (3) Claim files. All motor vehicle service contract providers shall retain all records pertaining to each motor vehicle service contract holder for at least three (3) years after the specified period of coverage has expired. It shall be the responsibility of the insurer issuing the liability policy to make an examination at least every two (2) years of each motor vehicle service contract provider which they insure to assure that each provider is in compliance with the recordkeeping requirements.
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