February 2011 Dec Page

Article of the Month

When an organization decides to self-insure or retain a major part of its risk, it must determine whether to assume any or all of the administrative responsibilities. Selecting the correct servicing company becomes a major challenge when the organization decides to outsource some service functions. The Third Party Administrators article offers tips on how to select third party administrators, or TPAs.

The article discusses the services that a service company in the property and casualty industry performs. It also lists the requirements that states demand of TPAs, and presents explanations of the considerations that should be made by companies before selecting a TPA. These include: expertise; bonding; hold harmless agreements; overpayments and subrogation; information gathering and reports; service compensation; advertising; and fiduciary accounts. 

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