5. A provider of any service contract issued, offered for sale, or sold in this State may appoint an administrator to perform the third-party administration of any contract, which shall include, but not be limited to:
a. maintaining the accounts, books, papers, documents, and other records concerning the provider's activities and transactions regulated under this act;
b. performing or arranging the collection, maintenance, or disbursement of payments on behalf of the provider, related to any claim arising under the provider's contracts; or
c. participating in the processing or adjustment of any claim arising under the provider's contracts.