§ 26.1-27-12 — Maintenance of information

Every administrator shall maintain at its principal administrative office for the duration of the
written agreement and five years thereafter adequate books and records of all transactions
between it, insurers, and insureds. The books and records must be maintained in accordance
with prudent standards of insurance recordkeeping. The commissioner shall have access to
such books and records for the purpose of examination, audit, and inspection. Any trade secrets
contained therein, including the identity and addresses of policyholders and certificate holders,
are confidential, except the commissioner may use such information in any proceedings
instituted against the administrator. The insurer shall retain the right to continuing access to the
books and records of the administrator sufficient to permit the insurer to fulfill all of its
contractual obligations to insured persons, subject to any restrictions in the written agreement
between the insurer and administrator on the proprietary rights of the parties in the books and
records.