ARC accredited agencies must keep copies of their IAR sales reports and supporting documents for how many years?

ARC accredited agencies must keep copies of their IAR sales reports and supporting documents for how many years?

• A. One year
• B. Two years
• C. Three years
• D. Five years

Answer: (B)

Two years. ARC accredited agencies are required to keep copies of their IAR sales reports and all supporting documents for two years. This retention period supports audits, reconciliations, and any post-sale adjustments or chargebacks that might arise, providing a window long enough to respond to ARC or carrier inquiries. Keeping records for one year would not cover potential audit or adjustment periods, while three or five years would go beyond ARC’s stated requirement and add unnecessary storage and administrative burden.

Two years. ARC accredited agencies are required to keep copies of their IAR sales reports and all supporting documents for two years. This retention period supports audits, reconciliations, and any post-sale adjustments or chargebacks that might arise, providing a window long enough to respond to ARC or carrier inquiries.

Keeping records for one year would not cover potential audit or adjustment periods, while three or five years would go beyond ARC’s stated requirement and add unnecessary storage and administrative burden.