A.In addition to the powers that the director has under sections 20-156 to 20-160, inclusive, relating to the examination of insurers, the director shall also have the power to examine any insurer registered under section 20-481.09 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party or by any entity or combination of entities within the insurance holding company system or by the insurance holding company system on a consolidated basis.
B.To determine compliance with this article, the director may order any insurer registered under section 20-481.09 to produce:
1.All records, books or other information papers in the possession of the insurer or its affiliates insofar as the records, books
Free access — add to your briefcase to read the full text and ask questions with AI
A. In addition to the powers that the director has under sections 20-156 to 20-160, inclusive, relating to the examination of insurers, the director shall also have the power to examine any insurer registered under section 20-481.09 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party or by any entity or combination of entities within the insurance holding company system or by the insurance holding company system on a consolidated basis.
B. To determine compliance with this article, the director may order any insurer registered under section 20-481.09 to produce:
1. All records, books or other information papers in the possession of the insurer or its affiliates insofar as the records, books or other information papers in the possession of any affiliate relate to any transactions between or among the insurer and any of its affiliates.
2. Information not in the possession of the insurer if the insurer has the right to access the information pursuant to contractual relationships, statutory obligations or any other method.
C. If the insurer cannot obtain the information requested under subsection B of this section, the insurer shall provide the director with a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of the information. If the director determines that the detailed explanation is without merit, the director, after notice and a hearing pursuant to section 20-161, may order that the insurer pay a penalty of not more than two hundred dollars for each day's delay or that the insurer's certificate of authority be suspended or revoked.
D. The director shall exercise his examination power under subsection A of this section only if the examination of the insurer under sections 20-156 through 20-160, inclusive, is inadequate or the interests of the policyholders of such insurer may be adversely affected.
E. Each registered insurer shall be liable for and shall pay the expenses of such examination in accordance with section 20-159.
F. If an insurer fails to comply with an order under subsection C of this section, the director may examine records, books or other information papers in the possession of any affiliate of the insurer insofar as such records, books or other information papers in the possession of any affiliate relate to any transactions between or among the insurer and any of its affiliates. The director may also issue subpoenas, administer oaths and examine under oath any person for purposes of determining compliance with this section. If a person fails or refuses to obey a subpoena, the director may petition a court of competent jurisdiction seeking relief from the court. The court may enter an order compelling the witness to appear and testify or produce documentary evidence. Each witness is entitled to the same fees and mileage, if claimed, as if the person was a witness in superior court pursuant to section 12-303 and the costs of those fees and mileage and any actual expense necessarily incurred in securing the attendance of witnesses shall be itemized and charged against and paid by the company being examined.