Common use of Complaints and Fraud Clause in Contracts

Complaints and Fraud. Except as limited by a new or modified conservation or liquidation order by the Conservation Court, GOLDEN STATE shall maintain complaint logs for IA AMERICAN as required by IA AMERICAN's respective insurance authorities; GOLDEN STATE will follow prescribed IA AMERICAN standards for response to such complaints and for other complaints which are not received through an insurance regulatory authority; GOLDEN STATE will notify IA AMERICAN of any suspected agent fraud or defalcations within five (5) business days of GOLDEN STATE becoming aware of such suspected problem; GOLDEN STATE will provide IA AMERICAN with a copy of any proposed written response to an insurance regulatory authority complaint on behalf of IA AMERICAN, and the IA AMERICAN shall either approve the proposed written response or make suggested changes within forty eight (48) hours of receipt of the proposed written response in order to facilitate a timely response to the insurance regulatory authority on behalf of the IA AMERICAN.