TITLE 41

INSURANCE

CHAPTER 34

HOSPITAL AND PROFESSIONAL SERVICE CORPORATIONS

41-3424.  Records and accounts. (1) Every service corporation shall establish and maintain complete and accurate records and accounts covering its transactions and affairs, in accordance with common and accepted principles and practices of insurance accounting and recordkeeping as applied to the business of the corporation.

(2)  Among other records, the corporation shall establish a separate record of each claim received for benefits under a subscriber’s contract, whether such claim is for service or for indemnity. Such claim record shall contain such information as is reasonably necessary for determination of:

(a)  The identity of the claimant;

(b)  The nature of the claim;

(c)  The probable amount to be paid by the corporation on account of the claim;

(d)  Amounts actually paid by the corporation on account of the claim.

History:

[41-3424, added 1961, ch. 330, sec. 782, p. 645.]