510.12 Written agreement necessary. 1. A person shall not act as a third-party administrator without a written agreement between the third-party administrator and the insurer, and the written agreement shall beretained as part of the official records of both the insurer and the third-party administrator forthe duration of the agreement plus five years. The written agreement shall contain provisionswhich include the requirements of sections 510.11 through 510.16, except insofar as thoserequirements do not apply to the functions performed by the third-party administrator. 2. When a policy is issued to a trustee, a copy of the trust agreement and any amendments to the trust agreement shall be furnished to the insurer by the third-party administratorand shall be retained as part of the official records of both the insurer and the third-partyadministrator for the duration of the policy plus five years. 89 Acts, ch 227, §5; 2006 Acts, ch 1117, §39; 2021 Acts, ch 76, §150Referred to in §510.13, 510.14 Sat Dec 23 00:42:13 2023 Iowa Code 2024, Section 510.12 (18, 0)
Iowa Legal Code