§ 31A-16b-107 — Third-party consultants.

(1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner's staff:

(1)(a) at the insurer's or insurance group's expense; and
(1)(b) as is reasonably necessary to assist the commissioner in reviewing the insurer's or insurance group's:
(1)(b)(i) corporate governance annual disclosure and related information; or
(1)(b)(ii) compliance with this chapter.
(2) A person the commissioner retains under Subsection (1):

(2)(a) is under the direction and control of the commissioner; and
(2)(b) shall act in a purely advisory capacity.
(3) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer or insurance group, that the third-party consultant:

(3)(a) is free of a conflict of interest; and
(3)(b) has internal procedures in place to:
(3)(b)(i) monitor compliance with Subsection (3)(a); and
(3)(b)(ii) comply with the confidentiality standards and requirements of this chapter.

Legislative History

Enacted by Chapter 193, 2019 General Session