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Does the broker need to retain a copy of the Statement of Fact on file?

April 26, 2017broker copy fact file

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Does the broker need to retain a copy of the Statement of Fact on file?

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Yes – you must retain a copy of the Statement of Fact that you sent to your client on file whilst the policy is in force and for a period of 3 years after the policy is cancelled or lapsed. From time to time NIG may request that you produce a copy of the Statement of Fact.