17B:27B-10 - Separate accounts for funds remitted - New Jersey Statutes

17B:27B-10  Separate accounts for funds remitted.10. All funds remitted to an administrator by a benefits payer licensed or authorized to do business in this State shall be held by the third party administrator in a separate account maintained in the name of the benefits payer or in a separate account maintained jointly in the names of the benefits payer and the administrator.  If funds have been collected by the administrator from a provider or enrollee on behalf of a benefits payer, they shall be maintained in a separate account maintained in the name of the benefits payer, maintained jointly in the names of the benefits payer and the administrator or remitted to the benefits payer, as provided in the contract.  Copies of all records pertaining to the collection of funds shall be made available to the benefits payer as provided in the contract.

L.2001,c.267,s.10.