(a) An administrator shall maintain at the administrator’s principal administrative office adequate books and records of each transaction in which the administrator engages with an insurer, plan, plan sponsor, insured, or plan participant.
(b) The administrator shall maintain the books and records:
(1) until the fifth anniversary of the end of the term of the written agreement to which the books and records relate; and
(2) in accordance with prudent standards of insurance recordkeeping.