§ 27-13-74 — Examination of Business, Etc., of Rating Organizations and Insurers Making Own Rates

Alabama § 27-13-74

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 13: Rates and Rating Organizations
• Art. 3: Casualty and Surety Insurance

Text

The commissioner may, whenever he deems it expedient, but at least once in every five years, make, or cause to be made, an examination of the business, affairs, and method of operation of each rating organization doing business in this state and a like examination of each insurer making its own rates. The costs of such examination shall be fixed in the same manner as provided for in Section 27-2-25 and shall be paid by the rating organization or insurer making its own rates examined. The commissioner may, in his discretion, waive such examination upon proof that such rating organization has, within a reasonably recent period, been examined by a public official or department of another state, pursuant to the laws of such state, and upon the filing with the department of a certified copy of the report of such examination. The officers, managers, agents, and employees of such rating organization or insurer making its own rates shall exhibit all its books, records, documents, or agreements governing its method of operation, its rating systems and its accounts for the purpose of such examination. The commissioner, or his representative, may, for the purpose of facilitating and furthering such examination, examine, under oath, the officers, managers, agents, and employees of such rating organization or insurer making its own rates.

Legislative History

(Acts 1945, No. 133, p. 145, §14; Acts 1971, No. 407, p. 707, §297.)