Iowa Admin. Code r. 191-58.7

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-58.7 - Written agreement

(1) The written agreement required by Iowa Code section 51012. shall include a statement of duties that the third-party administrator is expected to perform on behalf of the insurer and the lines, classes or types of insurance for which the third-party administrator is to be authorized to administer The agreement shall make provision with respect to underwriting, claims handling and other standards pertaining to the business underwritten by the insurer The rules pertaining to these matters shall be provided, in writing, by the insurer to the third-party administrator, pursuant to Iowa Code section 51012. and rule 191-58.7 (505,510).

(2) The insurer or third-party administrator may, with written notice, terminate the written agreement for cause as provided in the agreement. The insurer may suspend the underwriting authority of the third-party administrator during the pendency of any dispute regarding the cause for termination of the written agreement. The insurer shall fulfill any lawful obligations with respect to policies affected by the written agreement, regardless of any dispute between the insurer and the third-party administrator

(3) The requirements of this rule shall also apply to any insurer that contracts with a person exempt from licensure, pursuant to the exceptions set forth in subrule 58.3(1), to act as a third-party administrator, unless that person and the insurer are the same.

Iowa Admin. Code r. 191-58.7

ARC 8310B, lAB 11/18/09, effective 12/23/09