§36-1447. Delivery of written communications to administrator -
157 words·~1 min read·
/ok/title-36-insurance/36-1447·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Compensation of administrator - Use of licensed agents.
A. Any policies, certificates, booklets, termination notices, or other written communications delivered by the insurer or trust to the administrator for delivery to policyholders shall be delivered by the administrator promptly after receipt of instructions to do so from the insurer or trust.
B. Compensation to an administrator for any policies for which the administrator adjusts or settles claims shall not be contingent upon claims experience. The provisions of this subsection shall not
prevent basing the compensation of an administrator on the amount of premiums or charges collected or number of claims paid or processed or the number of covered insureds.
C. An administrator shall only use licensed insurance agents to do the business of insurance for trusts or insurers administered by the third-party administrator. Added by Laws 1983, c. 89, § 7, eff. Nov. 1, 1983. Amended by Laws 1987, c. 175, § 16, eff. Nov. 1, 1987.