Oklahoma § 36-1443 - Written agreement required - Examination, audit and

§ 36-1443. Written agreement required - Examination, audit and

inspection of records.

A. No person shall act as an administrator without a written

agreement between that person and an insurer. The written agreement

shall be retained as part of the official records of both the

insurer and the administrator for the duration of the agreement and

for five (5) years thereafter.

B. The written agreement required by the provisions of

subsection A of this section shall contain provisions stating any of

the requirements of the Third-party Administrator Act which apply to

the functions performed by the administrator.

C. If a policy is issued to a trustee, a copy of the trust

agreement and any amendments to the agreement shall be furnished to

the insurer by the administrator and shall be retained as part of

the official records of both the insurer and the administrator for

the duration of the policy and for five (5) years thereafter.

D. Every administrator shall maintain at the principal

administrative office of the administrator for the duration of the

agreement and for five (5) years thereafter the written agreement

required by the provisions of this section and records of all

transactions among the administrator, insurers or trusts, and

insured persons.

E. 1. For the purposes of examination, audit, and inspection,

the Insurance Commissioner or any other person in the course of

examination, audit and inspection shall have access to books and

records maintained by the administrator. Any trade secrets

contained in these books and records, including the identity and

addresses of policyholders and certificate holders, shall be

confidential.

2. All work papers, recorded information, documents and copies

thereof produced or obtained by or disclosed to the Commissioner or

other person in the course of examination, audit and inspection made

pursuant to this section, or in the course of analysis by the

Commissioner or other person in the course of examination, audit and

inspection, shall be given confidential treatment by the

Commissioner and may not be made public by the Commissioner or any

other person who obtained the information in the course of the

examination, audit and inspection, except to the extent provided in

this section. Access may be granted to the National Association of

Insurance Commissioners. The parties shall agree in writing prior

to receiving the information to provide to it the same confidential

treatment as required by this section, unless the prior written

Oklahoma Statutes - Title 36. Insurance

consent of the company to which it pertains has been obtained. The

confidentiality and protection from discovery by subpoena provided

for in this paragraph shall not be construed to be extended to

identical, similar or other related documents or information or to

the work papers that are not deemed to be in the possession, custody

or control of the Commissioner.

3. The Commissioner may use this information in any proceedings

instituted against the administrator.

F. The insurer or trust shall have the right of continuing

access to books and records maintained by the administrator

sufficient to permit the insurer or trust to fulfill all of its

contractual obligations to insured persons, subject to any

restriction in the written agreement between the insurer or trust

and the administrator concerning the proprietary rights of the

parties to said books and records.

G. The agreement required by the provisions of this section

shall include provisions stating the underwriting standards or other

standards pertaining to the business underwritten by the insurer or

trust.

Added by Laws 1983, c. 89, § 3, eff. Nov. 1, 1983. Amended by Laws

2010, c. 356, § 5, eff. Nov. 1, 2010; Laws 2012, c. 149, § 3, eff.

Nov. 1, 2012.