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.
 
   L.2013, c.197, s.5.