2025-126D - Laserfiche WebLink

Home Browse Search

Docusign Envelope ID: 921F7A24-D5CE-4BCC-9F3C-5E7844661266 6.1 The Parties agree that Administrator does not collect premiums on behalf of Insurer. Any charges collected by Administrator on behalf of or for Insurer, and the return of premiums received from Insurer, if any, shall be held by Administrator in a fiduciary capacity. Funds collected by Administrator shall be immediately remitted to the person entitled to the funds or deposited in a fiduciary account which shall be established and maintained by Administrator in a federal or state chartered, federally Eligible Per- son financial institution. Administrator shall render an accounting to Insurer, on such frequency as stated in the Agreement, that details all transactions performed by Administrator pertaining to the business under- written by Insurer. Conn. Gen. Stat. §§ 38a-720a(c)(3), 38a-720f(a). 6.2 To the extent Administrator deposits in a fiduciary account charges collected on behalf of or for one or more insurers, Administrator shall keep clear records of the deposits in and withdrawals from the account on behalf of each insurer. Administrator shall keep copies of all the records and, upon request by Insurer, shall furnish Insurer with a copy of the records of the deposits and withdrawals pertaining to Insurer. Conn. Gen. Stat. § 38a-720f(b). 6.3 Administrator shall not pay any Claim by making withdrawals from a fiduciary account in which charges are deposited. Subject to the Agreement, procedures for withdrawals from the fiduciary bank account shall provide for. (A) remittance to an insurer entitled to the funds; (B) deposit in an account maintained in the name of Insurer; (C) transfer to and deposit in a Claims -paying account; (D) payment to a group policyholder for remittance to the insurer entitled to the funds; (E) payment to Administrator for its commission, fees, or charges; or (F) remittance of return premiums to the person entitled to the funds. All Claims paid by Administrator from funds collected on behalf of Insurer shall only be paid on drafts or checks of, and as authorized by, Insurer. Conn. Gen. Stat. §§ 38a-720a(d)(4), 38a-720f(c). 7. Records. 7.1 Administrator shall maintain in accordance with prudent standards of insurance record keeping complete books and records of all transactions performed by Administrator on behalf Insurer. Ad- ministrator shall maintain such books and records for a period of not less than five (5) years from the date of their creation. Conn. Gen. Stat. § 38a-720c(a)(1). 7.2 Insurer shall own any records generated by Administrator pertaining to Insurer. Adminis- trator shall retain the right to maintain continued access to the books and records to permit Administrator to fulfill all of its contractual obligations to Insurer, Eligible Persons or claimants. Conn. Gen. Stat. § 38a- 720c(a)(2). 7.3 The Commissioner of the Insurance Department of the State of Connecticut shall have access to books and records of Administrator relevant to the Agreement for the purpose of examination, audits, and inspection. Any documents, materials or other information in the possession or control of the Commissioner that are obtained by the Commissioner from Administrator, Insurer, an insurance producer, or any employee or agent thereof in an investigation, examination, or audit shall (1) be confidential by law and privileged; (2) not be subject to disclosure under Conn. Gen. Stat. Section 1-210; (3) not be subjected to subpoena; and (4) not be subject to discovery or admissible in evidence in any private civil action. Nei- ther the Commissioner nor any person who received the documents, materials or other information as set forth in this subsection shall testify or be required to testify in any private civil action concerning such documents, materials or information. The Commissioner may use the information in furtherance of any regulatory or legal action brought as a part of the Commissioner's official duties. Conn. Gen. Stat. §§ 38a- 720c(c)-(d). M This document is CONFIDENTIAL AND PROPRIETARY to RIGHTWAY Healthcare, Inc. and may not be reproduced, transmitted, published, or disclosed to others without the prior written authorization of RIGHTWAY Healthcare, Inc.