31A-25-302 - Books and records required -- Access. - Utah Statutes

31A-25-302. Books and records required -- Access.
(1) Any insurer contracting with an administrator for administrator services has the rightof continuing access to those records maintained by the third party administrator which permit theinsurer to fulfill all of its contractual obligations to insured persons. The proprietary rights of theparties in the records are governed by the written agreement between the insurer and third partyadministrator.
(2) Every administrator shall maintain at a location accessible to the commissioner, for atleast three years, the administrator's written agreements, and complete books and records of alltransactions among the administrator, insurers, and insured persons. The books and records shallbe maintained in accordance with prudent standards of insurance recordkeeping. Theadministrator shall provide copies of the books and records to any successor administrator uponrequest.
(3) The commissioner shall have access to the books and records maintained by theadministrator for the purpose of audit and inspection. Any trade secrets contained in the booksand records, including the identity and addresses of policyholders and certificate holders, areconfidential, except the commissioner may use that information in any proceeding institutedagainst the administrator.

Enacted by Chapter 242, 1985 General Session