§ 27-13.1-3. Authority, scope, and scheduling of examinations.
(a) The director or any of the director's examiners may conduct an examination under this
chapter of any company as often as the director in the director's sole discretion
deems appropriate, but shall, at a minimum, conduct an examination of every insurer
licensed in this state not less frequently than once every five (5) years. In scheduling
and determining the nature, scope, and frequency of the examinations, the director
shall consider such matters as the results of financial statement analyses and ratios;
changes in management or ownership; actuarial opinions; reports of indep
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§ 27-13.1-3. Authority, scope, and scheduling of examinations.
(a) The director or any of the director's examiners may conduct an examination under this
chapter of any company as often as the director in the director's sole discretion
deems appropriate, but shall, at a minimum, conduct an examination of every insurer
licensed in this state not less frequently than once every five (5) years. In scheduling
and determining the nature, scope, and frequency of the examinations, the director
shall consider such matters as the results of financial statement analyses and ratios;
changes in management or ownership; actuarial opinions; reports of independent certified
public accountants; and other criteria as set forth in the Financial Condition Examiners'
Handbook adopted by the National Association of Insurance Commissioners and in effect
when the director exercises discretion under this section.
(b) For purposes of completing an examination of a company under this chapter, the director
may examine or investigate any person, or the business of any person, in so far as
the examination or investigation is, in the sole discretion of the director, necessary
or material to the examination of the company.
(c) In lieu of an examination under this chapter of a foreign or alien insurer licensed
in this state, the director may accept an examination report on the company as prepared
by the insurance department for the company's state of domicile or port of entry state
only if:
(1) The insurance department was at the time of the examination accredited under the National
Association of Insurance Commissioners' financial regulation standards and accreditation
program; or
(2) The examination is performed under the supervision of an accredited insurance department
or with the participation of one or more examiners who are employed by an accredited
state insurance department and who, after a review of the examination work papers
and report, state under oath that the examination was performed in a manner consistent
with the standards and procedures required by their insurance department.