What can be a consequence for failing to keep adequate records?

Failing to keep adequate records can indeed lead to potential disciplinary action. This is because maintaining proper records is a fundamental requirement in many regulatory frameworks, including those relating to insurance practices. Adequate record keeping ensures transparency, accountability, and compliance with industry standards and regulations. When records are not maintained properly, it can result in situations of miscommunication, fraud, or negligence, ultimately leading regulators to impose penalties, sanctions, or other disciplinary measures on the individual or organization responsible. This highlights the importance of diligent record-keeping practices in maintaining professional integrity and adherence to legal obligations in the industry.