(a)Each examination shall be expeditious, fair and
impartial. Upon determining that an examination should be
conducted the commissioner or his 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
Examiners' Handbook adopted by the National Association of
Insurance Commissioners. The commissioner may also employ other
guidelines or procedures as the commissioner deems appropriate.
No examiner may be appointed by the commissioner if the
examiner, either directly or indirectly, has a conflict of
interest or is affiliated with the management of or owns a
pecuniary interest in an
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(a) Each examination shall be expeditious, fair and
impartial. Upon determining that an examination should be
conducted the commissioner or his 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
Examiners' Handbook adopted by the National Association of
Insurance Commissioners. The commissioner may also employ other
guidelines or procedures as the commissioner deems appropriate.
No examiner may be appointed by the commissioner if the
examiner, either directly or indirectly, has a conflict of
interest or is affiliated with the management of or owns a
pecuniary interest in any person subject to examination under
this act. This subsection shall not be construed to
automatically preclude an examiner from being:
(i) A policyholder or claimant under an insurance
policy;
(ii) A grantor of a mortgage or similar instrument on
the examiner's residence to a regulated entity if done under
customary terms and in the ordinary course of business;
(iii) An investment owner in shares of regulated
diversified investment companies; or
(iv) A settlor or beneficiary of a "blind trust" into
which any otherwise impermissible holdings have been placed.
(b) For purposes of completing an examination of any
insurer under this act, the commissioner may examine or
investigate any person, or the business of any person, if in the
sole discretion of the commissioner, the examination or
investigation is necessary or material to the examination of the
insurer.
(c) Any insurer or other person being examined and any
officers, directors, employees, agents or other representatives
thereof shall make freely available to the commissioner or his
examiners all accounts, computer and other records, documents,
files, information, assets and matters in his possession or
control relating to the subject of the examination and shall
facilitate the examination. The officers, directors, employees,
agents and other representatives of the insurer or person shall
facilitate the examination and aid in the examination so far as
it is in their power to do so. The refusal of any insurer, by
its officers, directors, employees, agents or other
representatives to submit to examination or to comply with any
reasonable written request of the examiners shall be grounds for
suspension or refusal of, or nonrenewal of any license or
authority held by the insurer to engage in an insurance or other
business subject to the commissioner's jurisdiction. Any such
proceedings for suspension, revocation or refusal of any license
or authority shall be conducted pursuant to W.S. 26-2-125
through 26-2-130.
(d) Repealed by Laws 1993, ch. 134, § 2.
(e) Neither the commissioner nor any examiner shall remove
any record, account, document, file or other property of the
person being examined from the offices or place of that person
except with that person's written consent in advance of the
removal or pursuant to a court order. This provision does not
affect the making and removal of copies or abstracts of any
record, account, document or file.
(f) When making an examination under W.S. 26-2-116 through
26-2-124, the commissioner may retain attorneys, appraisers,
independent actuaries, independent certified public accountants
or other professionals and specialists as examiners, the
reasonable and appropriate cost shall be borne by the insurer
which is the subject of the examination. Notwithstanding the
conflict of interest provisions of subsection (a) of this
section, the commissioner may retain from time to time, on an
individual basis, qualified actuaries, certified public
accountants or other similar individuals who are independently
practicing their professions, even though the persons may from
time to time be similarly employed or retained by persons
subject to examination under this act.
(g) Nothing contained in W.S. 26-2-116 through 26-2-124
shall be construed to limit the commissioner's authority to
terminate or suspend any examination in order to pursue other
legal or regulatory action pursuant to the insurance laws of
this state. Findings of fact and conclusions made pursuant to
any examination shall be prima facie evidence in any legal or
regulatory action.
(h) Nothing contained in W.S. 26-2-116 through 26-2-124
shall be construed to limit the commissioner's authority to use
and, if appropriate, to make public any final or preliminary
examination report, any examiner or company work papers or other
documents, or any other information discovered or developed
during the course of any examination in the furtherance of any
legal or regulatory action which the commissioner may, in his
sole discretion, deem appropriate.