Sec 20-485.01. Written agreement; provisions; maintenance of records

A. No person may act as an administrator and no administrator may collect a premium without a written agreement between the person as administrator and the insurer for whom the services are rendered. Such 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 years thereafter.

B. The written agreement shall contain provisions which include the requirements of sections 20-485.03 through 20-485.10 except as those requirements do not apply to the functions performed by the administrator. The agreement shall include a provision that the insurer shall provide thirty days' written notice to the administrator of termination or cancellation of the agreement. The agreement shall also include a provision that the insurer shall provide fifteen days' written notice to the director of termination or cancellation or any other change in the agreement.

C. If a policy is issued to a trustee or trustees, a copy of the trust agreement and any amendments to such 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 years thereafter.