(a) A public insurance adjuster shall maintain a complete record of each of his or her transactions as a public insurance adjuster. The records shall include all of the following:
(1) The name of the insured.
(2) The date, location, and amount of the loss.
(3) A copy of the contract between the public insurance adjuster and the insured.
(4) The name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss.
(5) An itemized statement of the recoveries by the insured from the sources known to the public insurance adjuster.
(6) The total compensation received for the adjustment.
(7) An itemized statement of disbursements made by the public insurance adjuster from recoveries received on behalf of the insured.
(b) Records shall be maintained for at least five years after the termination of the transaction with the insured, and shall be open to examination by the commissioner.