§ 27-1-25-2 — Written agreements

(a) An administrator may act only if there is a
written agreement between the administrator and an insurer. This
agreement must conform to the requirements of this chapter, which
apply to the functions performed by the administrator.
(b) An agreement between an administrator and an insurer must be
retained by both parties as part of their official records for a period of
not less than five (5) years after the termination of the agreement.
(c) When a policy is issued to a trustee, a copy of the trust
agreement and all amendments to it must be:
(1) furnished by the administrator to the insurer with which the
administrator has a written agreement; and
(2) retained as part of the official records of the administrator for
a period of not less than five (5) years after the termination of the
trust.
(d) The written agreement required under subsection (a) must:
(1) include a statement of functions that the administrator will
perform on behalf of the insurer;
(2) specify the lines, classes, or types of coverage that the
administrator is authorized to administer on behalf of the insurer;
and
(3) contain provisions concerning the standard of underwriting
required by the insurer.
(e) The commissioner may require any written agreement executed
by an administrator and an insurer to be filed with the department at the
time the administrator applies for a license under this chapter. The
commissioner may require any written agreement executed subsequent
to the original issue of the license to the administrator to be filed with
the department at the time the administrator is applying for renewal of
the license.
(f) An administrator or insurer may, with written notice, terminate
a written agreement for cause as provided in the written agreement.
The insurer may suspend the underwriting authority of the
administrator during the pendency of a dispute regarding the cause for
termination of the written agreement. The insurer shall fulfill lawful
obligations with respect to coverage affected by the written agreement,
regardless of a dispute described in this subsection.
As added by Acts 1980, P.L.168, SEC.2. Amended by Acts
1982, P.L.165, SEC.2; P.L.160-2003, SEC.5.