(1) A person may not act or represent itself as a travel administrator for travel insurance in this state unless the person:
(a) is a licensed property and casualty insurance producer in this state for activities permitted under the producer's license; or
(b) holds a valid third-party administrator certificate in this state.
(2) A travel administrator and its employees are exempt from the licensing requirements of Title 33, chapter 17, part 3, for travel insurance it administers.
(3) An insurer is responsible for the acts of a travel administrator administering travel insurance underwritten by the insurer and is responsible for ensuring that the travel administrator maintains all books and records relevant to the insurer to be made available by the travel administrator to the commissioner on request.