Iowa Admin. Code r. 191-58.15 - Periodic examination

The commissioner reserves the right to examine a third-party administrator or require the most recent audited financial statements from the third-party administrator and such other interim evidence as the commissioner deems appropriate.

(1) Reasonable costs of the examination or audited financial statements shall be paid by the third-party administrator.

(2) Examination shall include, but not be limited to: financial condition, premium collection, claims processing, and marketing practices.

(3) If one or more of the following factors are present, the commissioner may require and determine an amount of additional security:

a. Insufficient liquid assets or retained earnings;

b. A deteriorating financial condition, as evidenced through an examination by the commissioner or any other insurance commissioner;

c. Any other relevant considerations.

Notes

Iowa Admin. Code r. 191-58.15

ARC 8310B, lAB 11/18/09, effective 12/23/09