(a) An administrator shall maintain adequate books and records about each plan administered by the administrator or about activities of the administrator on behalf of a life insurer:
(1) in accordance with prudent standards of record keeping; and
(2) for the duration of the agreement required by § 8–311 of this subtitle.
(b) Subject to any restrictions in the agreement required by § 8–311 of this subtitle on the proprietary rights of the parties in the books and records, the plan sponsor or insurer has the right to reasonable access to the books and records that is sufficient to allow the plan sponsor or insurer to fulfill its contractual obligations to the plan participants and beneficiaries.
(c) If an administrator ceases to administer a plan or ceases to act on behalf of a life insurer, the administrator:
(1) shall deliver the books and records about the plan or about activities on behalf of the life insurer that are in the administrator’s possession to the administrator’s successor, the plan sponsor, or the insurer; or
(2) for 3 years after the administrator ceases to administer the plan or act on behalf of the life insurer:
(i) shall retain the books and records about the plan or about activities on behalf of the life insurer; and
(ii) shall provide access to the plan sponsor and insurer as provided under subsection (b) of this section.