§ 26-44-109 — Examination

Wyoming § 26-44-109

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 44: INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT

Text

(a) The commissioner may examine any insurer registered
under W.S. 26-44-104 or any affiliate of the insurer in
accordance with this section and the provisions of W.S. 26-2-116
through 26-2-124 to ascertain the financial condition of the
insurer, including the enterprise risk to the insurer by the
ultimate controlling party, or by any entity or combination of
entities within the insurance holding company system, or by the
insurance holding company system on a consolidated basis. The
commissioner may retain at the insurer's expense any attorneys,
actuaries, accountants and other experts not otherwise a part of
the commissioner's staff reasonably necessary to conduct the
examination. Any person so retained shall be under the
direction and control of the commissioner and shall act in a
purely advisory capacity.
(b) To determine compliance with this chapter, the
commissioner may order any insurer registered under W.S.
26-44-104 to produce information not in the possession of the
insurer if the insurer can obtain access to this information
pursuant to contractual relationships, statutory obligations or
other method. In the event the insurer cannot obtain the
information requested by the commissioner, the insurer shall
provide the commissioner a detailed explanation of the reason
that the insurer cannot obtain the information and the identity
of the holder of the information. Whenever it appears to the
commissioner that the detailed explanation is without merit, the
commissioner may, after notice and hearing, suspend or revoke
the insurer's license or certificate.
(c) In the event the insurer fails to comply with an
order, the commissioner shall have the power to examine the
affiliates to obtain the information. The commissioner shall
also have the power to issue subpoenas, to administer oaths and
to examine under oath any person for purposes of determining
compliance with this section. Upon the failure or refusal of
any person to obey a subpoena, the commissioner may petition a
court of competent jurisdiction, and upon proper showing, the
court may enter an order compelling the witness to appear and
testify or produce documentary evidence.