§ 58-3-4 — Examination of foreign or alien insurer or rating organization by insurance supervisory official of another state--Examination by director unnecessary--Accreditation of examiner.

In lieu of making his own examination, the director may, in his discretion, accept a full report of the last recent examination of a foreign or alien insurer, or rating organization, certified to by the insurance supervisory official of another state, territory, commonwealth, or district of the United States. Beginning January 1, 1994, these examinations may only be accepted if the state insurance agency was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program or the examination is performed under the supervision of an accredited state insurance agency or with the participation of one or more examiners who are employed by an accredited state insurance agency 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 own state insurance agency.

Legislative History

SL 1966, ch 111, ch 2, § 16 (3); SL 1992, ch 338, § 4.