376.1088. Notice to policyholder of administrator, contents, required--disclosure of receipts to insurer. - Missouri Statutes

Notice to policyholder of administrator, contents,required--disclosure of receipts to insurer.

376.1088. 1. When the services of an administrator areused, the administrator shall provide a written notice to, andapproved by, the insurer to covered individuals advising them ofthe identity of, and relationship among, the administrator, thepolicyholder and any insurer.

2. When an administrator collects funds, the reason forcollection of each item shall be identified to the insured partyand each item shall be shown separately from any premium.Additional charges may not be made for services to the extent theservices have been paid for by the insurer.

3. The administrator shall disclose to the insurer allcharges, fees and commissions received from all services inconnection with the provision of administrative services for theinsurer, including any fees or commissions paid by insurersproviding reinsurance, stop loss coverage, or other form ofinsured benefit.

(L. 1993 H.B. 709 § 49)