§ 27-12-3. Examination of reports — Requiring additional statements.
(a) The insurance commissioner shall annually examine the statements and returns required
to be made by the companies and insurance producers, and if, in the commissioner's
opinion, any return is obscure, defective, or unsatisfactory the commissioner shall
immediately require answers under oath, from the insurance producer or company by
whom that obscure, defective, or unsatisfactory return has been made, to any interrogatories
as the commissioner may deem necessary or proper to be answered in order to explain
that return, and exhibit a full and accurate view of the business
Free access — add to your briefcase to read the full text and ask questions with AI
§ 27-12-3. Examination of reports — Requiring additional statements.
(a) The insurance commissioner shall annually examine the statements and returns required
to be made by the companies and insurance producers, and if, in the commissioner's
opinion, any return is obscure, defective, or unsatisfactory the commissioner shall
immediately require answers under oath, from the insurance producer or company by
whom that obscure, defective, or unsatisfactory return has been made, to any interrogatories
as the commissioner may deem necessary or proper to be answered in order to explain
that return, and exhibit a full and accurate view of the business and resources of
the company represented by the insurance producer.
(b) In the event that the insurance commissioner for any reason does not examine the statements
and returns required to be made by insurance companies as stated in subsection (a),
the examination shall be deemed to have been made for all purposes upon the following
conditions:
(1) The examination has not been conducted for a period of two (2) consecutive calendar
years;
(2) The company has filed its financial statements for each of the two (2) years which
financial statements have been examined by an independent certified public accountant
and shall have been prepared in accordance with generally accepted accounting principles
applicable to insurance companies for complete financial statements, including balance
sheets and related statements of income, changes in surplus, and changes in financial
position for each of the previous three (3) years;
(3) The chief executive officer or the chief financial officer of the company shall affirm
that the filed financial statements are complete and accurate; and
(4) The insurance commissioner shall not reject any filing within sixty (60) days of the
date of the filing as being incomplete, inaccurate, or requiring further information
in order to provide a full and accurate review of the business and resources of the
company.