Section 27-20.7-5. – Maintenance of records.
§ 27-20.7-5. Maintenance of records. (a) Every administrator shall maintain and make available to the insurer complete books and records of all transactions performed on behalf of the insurer. The books and records shall be maintained in accordance with prudent standards of insurance record keeping and must be maintained for a period of not less […]
Section 27-20.7-6. – Approval of advertising.
§ 27-20.7-6. Approval of advertising. An administrator may use only advertising pertaining to the business underwritten by an insurer that has been approved in writing by the insurer in advance of its use. History of Section.P.L. 2001, ch. 83, § 1; P.L. 2001, ch. 242, § 1.
Section 27-20.7-7. – Responsibilities of the insurer.
§ 27-20.7-7. Responsibilities of the insurer. (a) If an insurer utilizes the services of an administrator, the insurer shall be responsible for determining the benefits, premium rates, underwriting criteria and claims payment procedures applicable to the coverage and for securing reinsurance, if any. The rules pertaining to these matters must be provided, in writing, by […]
Section 27-20.7-8. – Premium collection and payment of claims.
§ 27-20.7-8. Premium collection and payment of claims. (a) All insurance charges or premiums collected by an administrator on behalf of or for an insurer or insurers, and the return of premiums received from that insurer or insurers, shall be held by the administrator in a fiduciary capacity. The funds shall be immediately remitted to […]
Section 27-20.7-9. – Compensation to the administrator.
§ 27-20.7-9. Compensation to the administrator. (a) An administrator shall not enter into an agreement or understanding with an insurer in which the effect is to make the amount of the administrator’s commissions, fees, or charges contingent upon savings effected in the adjustment, settlement and payment of losses covered by the insurer’s obligations. This provision […]
Section 27-20.7-10. – Notice and disclosure of charges and fees.
§ 27-20.7-10. Notice and disclosure of charges and fees. (a) When the services of an administrator are utilized, the administrator shall provide a written notice approved by the insurer to covered individuals advising them of the identity of, and relationship among, the administrator, the policyholder and the insurer. (b) When an administrator collects funds, the […]