HRS §431:9J-104
Written agreement required between administrator and insurer
This section requires an administrator and an insurer to have a written agreement covering all applicable rules. The agreement must include underwriting standards and be kept in official records. If a policy is issued to a trustee, the administrator must give the insurer the trust agreement and keep it too.
The statute, as written — Written agreement required
(a) An administrator shall have a written agreement between the administrator and insurer that contains all requirements of this article, except those that do not apply to administrator functions. (b) The written agreement shall include a provision with respect to underwriting or other standards pertaining to the business underwritten by the insurer. (c) The written agreement shall be retained as part of the official records of the administrator and the insurer for the duration of their agreement and five years thereafter. (d) When an insurance policy is issued to a trustee, the administrator shall furnish the insurer a copy of the trust agreement and any amendments to it. The trust agreement shall be retained as part of the official records of the administrator and the insurer for the duration of the insurance policy and five years thereafter.
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