58-29D-19. Notice of use of administrator to policyholder--Itemized charges--Disclosure of fees or commissions.
124 words·~1 min read·
/sd/title-58/chapter-58-29/58-29d-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the services of an administrator are utilized, the administrator shall provide a written notice approved by the insurer to covered individuals advising them of the identity of, and relationship among, the administrator, the policyholder, and the insurer.
When an administrator collects funds, the reason for collection of each item must be identified to the insured party and each item must be shown separately from any premium. Additional charges may not be made for services to the extent the services have been paid for by the insurer.
The administrator shall disclose to the insurer all charges, fees, and commissions received from all services in connection with the provision of administrative services for such insurer, including any fees or commissions paid by insurers providing reinsurance.