376.1077. Administrator to have agreement with insurer, form, contents--termination, how.
Administrator to have agreement with insurer, form,contents--termination, how.
376.1077. 1. No administrator shall act as such without awritten agreement between the administrator and the insurer, andsuch written agreement shall be retained as part of the officialrecords of both the insurer and the administrator for theduration of the agreement and five years thereafter. Theagreement shall contain all provisions required by sections376.1075 to 376.1095, except insofar as those requirements do notapply to the functions performed by the administrator.
2. The written agreement shall include a statement ofduties which the administrator is expected to perform on behalfof the insurer and the lines, classes or types of insurance forwhich the administrator is to be authorized to administer. Theagreement shall make provision with respect to underwriting orother standards pertaining to the business underwritten by suchinsurer.
3. The insurer or administrator may, with written notice,terminate the written agreement for cause as provided in theagreement. The insurer may suspend the underwriting authority ofthe administrator during the pendency of any dispute regardingthe cause for termination of the written agreement. The insurershall fulfill any lawful obligations with respect to policiesaffected by the written agreement, regardless of any disputebetween the insurer and the administrator.
(L. 1993 H.B. 709 § 42)