(1) Each producer of nonadmitted wet marine and transportation insurance shall keep a full and true record of each nonadmitted wet marine and transportation insurance contract placed on an Oregon home state risk. The record must include a copy of the policy, certificate, cover note or other evidence of insurance that the Director of the Department of Consumer and Business Services specifies by rule. (2) A producer shall keep the record described in subsection (1) of this section open at all reasonable times to the directors examination, without notice, for a period of not less than five years after termination of the nonadmitted wet marine and transportation insurance contract.
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