510.14 Maintenance of information. 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, adequatebooks and records of all transactions between it, insurers, and insured persons. The third-party administrator’s books and records shall be maintained in accordance withprudent standards of insurance recordkeeping. The commissioner shall have access to suchbooks and records for the purpose of examination, audit, and inspection. Trade secretscontained in a third-party administrator’s books and records, including but not limited tothe identity and addresses of policyholders and certificate holders, shall be confidential,except the commissioner may use trade secret information in any proceeding institutedagainst the third-party administrator. The insurer retains the right to continuing access tothe third-party administrator’s books and records sufficient to permit the insurer to fulfill allof its contractual obligations to insured persons, subject to any restrictions in the writtenagreement between the insurer and third-party administrator on the proprietary rights ofthe to fulfill allof its contractual obligations to insured persons, subject to any restrictions in the writtenagreement between the insurer and third-party administrator on the proprietary rights ofthe parties in the third-party administrator’s books and records. 89 Acts, ch 227, §7; 2006 Acts, ch 1117, §41Referred to in §510.12 Sat Dec 23 00:42:14 2023 Iowa Code 2024, Section 510.14 (17, 0)
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