20-485. Definitions; scope A. In this article, unless the context otherwise requires: 1. " Administrator" means any person who collects charges or premiums from or paid on behalf of, or who adjusts or settles claims by, residents of this state in connection with life or health insurance coverage or annuities other than any of the […]
20-485.01. Written agreement; provisions; maintenance of records A. No person may act as an administrator and no administrator may collect a premium without a written agreement between the person as administrator and the insurer for whom the services are rendered. Such written agreement shall be retained as part of the official records of both the […]
20-485.02. Administrator as intermediary between insurer and insured; right of action preserved If an insurer utilizes the services of an administrator under the terms of a written agreement as required in section 20-485.01, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured shall be deemed […]
20-485.03. Maintenance of records; access; confidentiality; information sharing; examination A. Every administrator shall maintain at the administrator’s principal administrative office for the duration of the written agreement required by section 20-485.01 and for five years thereafter adequate books and records of all transactions among the administrator, insurers and insured persons. The books and records shall […]
20-485.04. Advertising; approval An administrator may use only such advertising pertaining to the business underwritten by an insurer as has been approved by such insurer in advance of its use.
20-485.05. Inclusion of underwriting standards The agreement required in section 20-485.01 shall make provision with respect to the underwriting or other standards pertaining to the business underwritten by such insurer.
20-485.06. Charges or premiums collected held in fiduciary capacity; establishment of account; disbursements A. All insurance charges or premiums collected by an administrator on behalf of or for an insurer or insurers, and return premiums received from such insurer or insurers, shall be held by the administrator in a fiduciary capacity. Such funds shall be […]
20-485.07. Payment of claims on behalf of insurer All claims paid by the administrator from funds collected on behalf of the insurer shall be paid only on drafts of and as authorized by such insurer.
20-485.08. Delivery of written communications Any policies, certificates, booklets, termination notices or other written communications delivered by the insurer to the administrator for delivery to its policyholders shall be delivered by the administrator promptly after receipt of instructions from the insurer to do so.
20-485.09. Adjustment or settlement of claims or charges; compensation A. Compensation to an administrator for any policies where such administrator adjusts or settles claims shall not be contingent on claim experience. This subsection does not prevent the compensation of an administrator from being based on premiums or charges collected or number of claims paid or […]
20-485.10. Deposit or surety bond of administrators; amount; purpose Every administrator shall possess and maintain a deposit in favor of this state to be held in trust for the benefit and protection of insureds and insurers whose monies the administrator handles consisting of cash, securities eligible for investment pursuant to chapter 3, articles 1 and […]
20-485.11. Notice to insureds; statement of charge or premium for coverage; conflict of interest prohibited A. If the services of an administrator are utilized, such administrator shall provide a written notice approved by the insurer to insured individuals advising them of the identity of and relationship among the administrator, the policyholder and the insurer. B. […]
20-485.12. Certificate of registration; fees; expiration; revocation; civil penalties; violations; classification; injunctive relief A. A person may not claim to be an administrator in this state unless the person holds a valid certificate of registration as an administrator issued by the director. B. An application for a certificate of registration and an application to renew […]
