§ 27-1-22-15 — Examination of licensed rating organization; report of examination in another state; cost of examination

Indiana § 27-1-22-15

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 22: Regulation of Insurance Rates

Text

(a) The commissioner shall, at least once
every three (3) years, make or cause to be made an examination of each
licensed rating organization, and may, as often as he may deem it
expedient, make or cause to be made an examination of each advisory
organization and of each group, association, or other organization of
insurers which engages in joint underwriting or joint reinsurance
pursuant to section 13 of this chapter to ascertain whether such rating
or advisory organization or group, association or other organization
complies with the applicable provisions of this chapter. In lieu of any
such examination the commissioner may accept the report of an
examination made by the insurance supervisory official of another
state.
(b) The officers, managers, agents, and employees of any such
organization, group or association may be examined at any time under
oath and shall exhibit all books, records, accounts, documents, or
agreements governing its method of operation, together with all data,
statistics and information of every kind and character collected or
considered by such organization, group or association in the conduct
of the operations to which such examination relates.
(c) The reasonable cost of any examination authorized by this
chapter shall be paid by the organization, group, or association
examined, upon presentation to it of a detailed account of such cost.
(d) No report of examination shall be made public until the
organization examined has an opportunity to review the proposed
report and to have a hearing with reference thereto, after which hearing
the report shall be filed for public inspection and become admissible
in evidence as a public record.
Formerly: Acts 1967, c.133, s.15. As amended by P.L.252-1985,
SEC.118.