§ 10-1-206 — Conflict of interest

(1) No examiner may be appointed by the
commissioner if such examiner, either directly or indirectly, has a conflict of
interest or is affiliated with the management of or owns a pecuniary interest in any
person subject to examination under this part 2; except that this section shall not
be construed to automatically preclude an examiner from being:

(a) A policyholder or claimant under an insurance policy;

(b) A grantor of a mortgage or similar instrument on the examiner's
residence to a regulated entity if done under customary terms and in the ordinary
course of business;

(c) An investment owner in shares of regulated diversified investment
companies; or

(d) A settlor or beneficiary of a blind trust into which any otherwise
impermissible holdings have been placed.

(2) Notwithstanding any provision of this section to the contrary, the
commissioner may retain from time to time, on an individual basis, qualified
actuaries, certified public accountants, or other similar individuals who are
independently practicing their professions even though such persons may from
time to time be similarly employed or retained by persons subject to examination
under this part 2.

Legislative History

Source: L. 2003: Entire article RC&RE, p. 612, � 1, effective July 1.