31A-25-302. Books and records required -- Access.
(1) Any insurer contracting with an administrator for administrator services has the right
of continuing access to those records maintained by the third party administrator which permit the
insurer to fulfill all of its contractual obligations to insured persons. The proprietary rights of the
parties in the records are governed by the written agreement between the insurer and third party
administrator.
(2) Every administrator shall maintain at a location accessible to the commissioner, for at
least three years, the administrator's written agreements, and complete books and records of all
transactions among the administrator, insurers, and insured persons. The books and records shall
be maintained in accordance with prudent standards of insurance recordkeeping. The
administrator shall provide copies of the books and records to any successor administrator upon
request.
(3) The commissioner shall have access to the books and records maintained by the
administrator for the purpose of audit and inspection. Any trade secrets contained in the books
and records, including the identity and addresses of policyholders and certificate holders, are
confidential, except the commissioner may use that information in any proceeding instituted
against the administrator.
Enacted by Chapter 242, 1985 General Session
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Last revised: Thursday, May 28, 2009