§ 10-6-120 — Examinations and investigations

(1) The commissioner or any
person so authorized has the authority to examine the financial condition, affairs,
and management of any applicant or captive insurance company operating under
the laws of this state. For such purpose the commissioner shall have free access to
all the books, papers, and documents relating to the business of the company, and
the commissioner may summon witnesses and administer oaths and affirmations in
the examination of the directors, trustees, officers, agents, or employees of such
company and any other person in relation to its affairs, transactions, and conditions.
The reasonable cost of examinations of captive insurance companies shall be paid
by the company examined and shall include the expenses of the commissioner and
the commissioner's assistants.

(2) The commissioner may use other independent professionals, such as
qualified actuaries, risk managers, certified public accountants, or examiners of
insurance companies. The commissioner may also accept, as a part of the
examination, reports or portions thereof made by the persons specified in this
subsection (2). All reasonable expenses and charges of such persons so retained
shall be paid directly by the captive insurance company being examined.

Legislative History

Source: L. 72: p. 435, � 1. C.R.S. 1963: � 72-36-20. L. 89: (7) added, p. 465, � 11, effective April 15. L. 91: (7) amended, p. 1248, � 11, effective July 1. L. 94: Entire section R&RE, p. 548, � 11, effective April 6.