(1) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this section shall include the following:
(a) The name of the insured;
(b) The date, location, and amount of the loss;
(c) A copy of the contract between the public adjuster and insured;
(d) The name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss;
(e) An itemized statement of the insured's recoveries;
(f) An itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;
(g) A register of all money received, deposited, disbursed, or insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest-bearing accounts;
(h) The name of the public adjuster who executed the contract;
(i) The name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurer; and (j) Evidence of financial responsibility, in a format prescribed by the commissioner.
(2) An independent adjuster shall maintain a copy of each contract between the independent adjuster and the insurer or self-insurer and comply with the record retention policy as agreed to in the contract.
(3) Records shall be maintained by a public adjuster for at least five (5) years after the termination of a transaction with an insured and shall be open to examination by the commissioner at all times.