§ 510.17

510.17 Premium collection. 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 thethird-party administrator in a fiduciary capacity. Such funds shall be immediately remittedto the person or persons entitled to them, or shall be deposited promptly in a fiduciary bankaccount established and maintained by the third-party administrator. If charges or premiumsso deposited have been collected on behalf of or for more than one insurer, the third-partyadministrator shall cause the bank in which the fiduciary account is maintained to keeprecords clearly recording the deposits in and withdrawals from the account on behalf of orfor each insurer. The third-party administrator shall promptly obtain and keep copies of allsuch records and, upon request of an insurer, shall furnish the insurer with copies of therecords pertaining to deposits and withdrawals on behalf of or for that insurer. 2. The third-party administrator shall not pay a claim by withdrawal from the fiduciary account.

rer with copies of therecords pertaining to deposits and withdrawals on behalf of or for that insurer. 2. The third-party administrator shall not pay a claim by withdrawal from the fiduciary account. Withdrawals from the fiduciary account shall be made, as provided in the writtenagreement between the third-party administrator and the insurer, for any of the following: a. Remittance to an insurer entitled thereto.b. Deposit in an account maintained in the name of the insurer.c. Transfer to and deposit in a claims-paying account, with claims to be paid as provided in section 510.18. d. Payment to a group policyholder for remittance to the insurer entitled thereto.e. Payment to the third-party administrator of its commission, fees, or charges.f. Remittance of return premiums to the persons entitled thereto. 89 Acts, ch 227, §10; 2006 Acts, ch 1117, §43 Sat Dec 23 00:42:16 2023 Iowa Code 2024, Section 510.17 (17, 0)