(c) When a policy is issued to a trustee, a copy of the trust agreement and all amendments to it must be:

1. (1) furnished by the administrator to the insurer with which the administrator has a written agreement; and
2. (2) retained as part of the official records of the administrator for a period of not less than five (5) years after the termination of the trust.

(d) The written agreement required under subsection (a) must:

1. (1) include a statement of functions that the administrator will perform on behalf of the insurer;
2. (2) specify the lines, classes, or types of coverage that the administrator is authorized to administer on behalf of the insurer; and
3. (3) contain provisions concerning the standard of underwriting required by the insurer.

(f) An administrator or insurer may, with written notice, terminate a written agreement for cause as provided in the written agreement. The insurer may suspend the underwriting authority of the administrator during the pendency of a dispute regarding the cause for termination of the written agreement. The insurer shall fulfill lawful obligations with respect to coverage affected by the written agreement, regardless of a dispute described in this subsection.

As added by Acts 1980, P.L.168, SEC.2. Amended by Acts 1982, P.L.165, SEC.2; P.L.160-2003, SEC.5.