The administrator may not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. Withdrawals from such account shall be made as provided in the written agreement between the administrator and the insurer. The written agreement shall address the following:

1. (1) Remittance to an insurer entitled to remittance;
2. (2) Deposit in an account maintained in the name of the insurer;
3. (3) Transfer to and deposit in a claims-paying account;
4. (4) Payment to a group policyholder for remittance to the insurer entitled to such remittance;
5. (5) Payment to the administrator of its commissions, fees or charges; or
6. (6) Remittance of return premium to the person or persons entitled to such return premium.

Source: SL 1992, ch 352 , § 16; SL 2021, ch 210 , § 19.