Current through Register Vol. 47, No. 13, December 25, 2024
Rule 191-58.15 - Periodic examinationThe 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.Iowa Admin. Code r. 191-58.15
ARC 8310B, lAB 11/18/09, effective 12/23/09