376.1082. Records maintained by administrator for insurer--director may examine records--records owned by insurer, transfer allowed, when. - Missouri Statutes

Records maintained by administrator for insurer--director may examinerecords--records owned by insurer, transfer allowed, when.

376.1082. 1. Every administrator shall maintain and makeavailable to the insurer complete books and records of alltransactions performed on behalf of the insurer. The books andrecords shall be maintained in accordance with prudent standardsof insurance record keeping and shall be maintained for a periodof not less than five years from the date of their creation.

2. The director shall have access to books and recordsmaintained by an administrator for the purposes of examination,audit and inspection. Any trade secrets contained in such booksand records, including the identity and addresses ofpolicyholders and certificate holders, shall be keptconfidential, except that the director may use such informationin any proceeding instituted against the administrator.Examinations shall be conducted pursuant to sections 374.160,374.162, 374.190, 374.202 to 374.207 and 374.220, RSMo.

3. The insurer shall own the records generated by theadministrator pertaining to the insurer; however, theadministrator shall retain the right to continuing access tobooks and records to permit the administrator to fulfill all ofits contractual obligations to insured parties, claimants, andthe insurer.

4. In the event the insurer and the administrator canceltheir agreement, notwithstanding the provisions of subsection 1of this section, the administrator may, by written agreement withthe insurer, transfer all records to a new administrator ratherthan retain them for five years. In such cases, the newadministrator shall acknowledge, in writing, that he isresponsible for retaining the records of the prior administratoras required in subsection 1 of this section.

(L. 1993 H.B. 709 § 44)