Title XIII, COMMERCE (Ch. 505 - 554I)

A third-party administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in section 510.12 plus five years, adequate books and records of all transactions between it, insurers, and insured persons. The third-party adm…

A third-party administrator may use only such advertising pertaining to the business underwritten by an insurer as has been approved by the insurer in advance of its use. 89 Acts, ch 227, §8 ; 2006 Acts, ch 1117, §42 Referred to in §510.12

The agreement shall provide for the underwriting or other standards pertaining to the business underwritten by the insurer. 89 Acts, ch 227, §9 Referred to in §510.12

1. All insurance charges or premiums collected by a third-party administrator on behalf of or for an insurer, and return premiums received from the insurer, shall be held by the third-party administrator in a fiduciary capacity. Such funds shall be immediately remitted to the per…

A claim paid by the third-party administrator from funds collected on behalf of the insurer shall be paid only on a draft, check, or by electronic funds transfer as authorized by the insurer. 89 Acts, ch 227, §11 ; 96 Acts, ch 1122, §1 ; 2006 Acts, ch 1117, §44 Referred to in §51…

The compensation paid to a third-party administrator shall not be contingent on claim experience on policies for which the third-party administrator adjusts or settles claims. This section does not prevent the compensation of a third-party administrator from being based on premiu…

This chapter may be cited as the “Managing General Agents Act.” 91 Acts, ch 26, §1 Referred to in §510.10

As used in this chapter , unless the context otherwise requires: 1. “Actuary” means a person who is a member in good standing of the American academy of actuaries. 2. “Commissioner” means the commissioner of insurance. 3. “Insurer” means a person duly licensed in this state as an…

1. A domestic insurer shall not enter into a contract with a managing general agent unless the domestic insurer notifies the commissioner in writing of its intention to enter into the contract at least thirty days prior to entering into the contract or within a shorter time permi…

When the services of a third-party administrator are used, the third-party administrator shall provide a written notice, approved by the insurer, to insured individuals, advising them of the identity of and relationship among the third-party administrator, the policyholder, and t…

1. A person shall not act as or represent oneself to be a third-party administrator in this state, other than an adjuster licensed in this state for the kinds of business for which the person is acting as a third-party administrator, unless the person holds a current certificate …

The commissioner may waive the requirements of section 510.21 for any person or class of persons. The factors taken into account in granting a waiver shall include, but are not limited to whether: 1. The person acting as a third-party administrator is primarily in a business othe…

1. If, after hearing, the commissioner determines that a third-party administrator has violated this chapter , or chapter 507B , the commissioner may order any one or more of the sanctions or penalties set out in section 507B.7 . 2. If, after hearing, the commissioner determines …

Notwithstanding any obligation of a director or officer of an insolvent insurer to the liquidator of the insolvent insurer, a managing general agent of a domestic insurer against whom an order of liquidation has been entered is liable for fees paid to the managing general agent p…

1. A person shall not act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed producer in this state. 2. A person shall not act in the capacity of a managing general agent re…

1. A person acting in the capacity of a managing general agent shall not place business with an insurer unless a written contract is in force between the parties which sets forth the responsibilities of each party. If both parties share responsibility for a particular function, t…

A managing general agent is subject to chapter 507B relating to unfair insurance trade practices. 93 Acts, ch 88, §11 Referred to in §510.10

1. An insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which the insurer does or has done business. 2. If a managing general agent establishes loss reserves, the insurer shall annually o…

The acts of a managing general agent are considered to be the acts of the insurer on whose behalf a managing general agent is acting. A managing general agent may be examined as if it were the insurer. 91 Acts, ch 26, §6 Referred to in §510.10

1. If the commissioner finds, after a hearing conducted in accordance with chapter 17A , that any person has violated one or more provisions of this chapter , the commissioner may do one or more of the following: a. For each separate violation, order the imposition of an administ…

The commissioner may adopt rules, pursuant to chapter 17A , as necessary or convenient for the implementation and administration of this chapter . 91 Acts, ch 26, §8 Referred to in §510.10