(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 the insured;

(d) The name of the insurer, amount, expiration date, and policy number for each policy carried with respect to the loss;

(e) An itemized statement of the amount recovered for the insured;

(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(g) A register of all money received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including fees, transfers, and disbursements from a trust account and all transactions concerning all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 representative of the insurer; and

(j) Evidence of financial responsibility in a format prescribed by the director.

(2) Records shall be maintained for at least five years after the termination of the transaction with an insured and shall be open to examination by the department at all times.

(3) Records submitted to the department in accordance with this section that contain information identified in writing as proprietary by the public adjuster shall be treated as confidential by the department.