For how long must the written agreement between an administrator and an insurer be maintained on file?

The correct response indicates that the written agreement between an administrator and an insurer must be maintained for the duration of the agreement plus an additional five years thereafter. This requirement ensures that all parties have access to the agreement's terms and conditions well after the business relationship has ended, providing a clear reference for any potential disputes or investigations that may arise.

Maintaining such documentation for this period helps uphold transparency and accountability in the insurance marketplace. It allows regulatory bodies to verify compliance with relevant laws and regulations for an extended time. Additionally, this duration reflects local industry norms and practices which prioritize thorough record-keeping as essential to protecting consumer interests and upholding the integrity of operations within the insurance industry.