§ 27-1-3.1-9 — Warrant; access to information; refusal; penalties; subpoenas; oaths; order to appear; evidence

Indiana § 27-1-3.1-9

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 3.1: Examinations

Text

(a) Upon determining that an examination
should be conducted, the commissioner or the commissioner's designee
shall issue an examination warrant appointing one (1) or more
examiners to perform the examination and instructing them as to the
scope of the examination. In conducting the examination, the examiner
shall observe those guidelines and procedures set forth in the Financial
Condition Examiner's Handbook and the Market Regulation Handbook.
The commissioner may also employ such other guidelines or
procedures as the commissioner considers appropriate. The
commissioner is not required to issue an examination warrant for a data
call.
(b) Every company or person from whom information is sought, and
the officers, directors, and agents of the company or person, must
provide to the examiners appointed under subsection (a) timely,
convenient, and free access at all reasonable hours at its offices to all
books, records, accounts, papers, documents, and any or all computer
or other recordings relating to the property, assets, business, and affairs
of the company being examined. The officers, directors, employees,
and agents of the company or person must facilitate the examination
and aid in the examination so far as it is in their power to do so. The
refusal of any company, by its officers, directors, employees, or agents
within the company's control, to submit to examination or to comply
with any reasonable written request of the examiners, or the failure of
any company to make a good faith effort to require compliance with
such a request, is grounds for:
(1) suspension;
(2) refusal; or
(3) nonrenewal;
of any license or authority held by the company to engage in an
insurance or other business subject to the commissioner's jurisdiction.
The commissioner may proceed to suspend or revoke a license or
authority upon the grounds set forth in this subsection under IC 27-1-3-10 or IC 27-1-3-19.
(c) The commissioner and the commissioner's examiners may issue
subpoenas, administer oaths, and examine under oath any person as to
any matter pertinent to an examination conducted under this chapter.
Upon the failure or refusal of any person to obey a subpoena, the
commissioner may petition a court of competent jurisdiction, and upon
proper showing, the court may enter any order compelling the witness
to appear and testify or produce documentary evidence. Failure to obey
the court order is punishable as contempt of court.
(d) When making an examination under this chapter, the
commissioner may retain attorneys, appraisers, independent actuaries,
independent certified public accountants, or other professionals and
specialists as examiners. The cost of retaining these examiners shall be
borne by the company that is the subject of the examination.
(e) This chapter does not limit the commissioner's authority to
terminate or suspend any examination in order to pursue other legal or
regulatory action pursuant to this title. Findings of fact and conclusions
made pursuant to any examination shall be prima facie evidence in any
legal or regulatory action.

Legislative History

As added by P.L.26-1991, SEC.5. Amended by P.L.130-1994, SEC.8; P.L.116-1994, SEC.12; P.L.111-2008, SEC.1; P.L.124-2018, SEC.5.