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§ 8-312. Books and records about plan and activities on behalf of life insurer

West's Annotated Code of MarylandInsuranceEffective: October 1, 2019

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 3. Third Party Administrators (Refs & Annos)
Effective: October 1, 2019
MD Code, Insurance, § 8-312
§ 8-312. Books and records about plan and activities on behalf of life insurer
Currentness
In general
(a) An administrator shall maintain adequate books and records about each plan administered by the administrator or about activities of the administrator on behalf of a life insurer:
(1) in accordance with prudent standards of record keeping; and
(2) for the duration of the agreement required by § 8-311 of this subtitle.
Access to books and records
(b) Subject to any restrictions in the agreement required by § 8-311 of this subtitle on the proprietary rights of the parties in the books and records, the plan sponsor or insurer has the right to reasonable access to the books and records that is sufficient to allow the plan sponsor or insurer to fulfill its contractual obligations to the plan participants and beneficiaries.
Duties of administrator upon cease in administration of plan or cease to act on behalf of life insurer
(c) If an administrator ceases to administer a plan or ceases to act on behalf of a life insurer, the administrator:
(1) shall deliver the books and records about the plan or about activities on behalf of the life insurer that are in the administrator's possession to the administrator's successor, the plan sponsor, or the insurer; or
(2) for 3 years after the administrator ceases to administer the plan or act on behalf of the life insurer:
(i) shall retain the books and records about the plan or about activities on behalf of the life insurer; and
(ii) shall provide access to the plan sponsor and insurer as provided under subsection (b) of this section.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2019, c. 100, § 1, eff. Oct. 1, 2019.
MD Code, Insurance, § 8-312, MD INSURANCE § 8-312
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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