For how long must licensees retain records available for commissioner examination?

The correct answer is that licensees must retain records available for commissioner examination for a period of three years. This duration aligns with regulatory requirements that ensure adequate transparency and accountability in the insurance industry's operations.

Retaining records for three years provides sufficient time for regulatory review and helps maintain a track of any important transactions and activities that may be of interest to the commissioner during inspections or audits. This timeframe balances the need for an effective review process with the practicalities of managing and storing records, which can become cumbersome over longer durations.

While longer retention periods might provide additional data for historical reference, the three-year requirement is considered optimal for regulatory oversight without imposing unnecessary burdens on licensees in terms of record-keeping.