Sec. 38a-677. (Formerly Sec. 38-201o). Examinations.
Sec. 38a-677. (Formerly Sec. 38-201o). Examinations. (a) The Insurance Commissioner shall, at least once every five years, and may as often as may be reasonable
and necessary, make or cause to be made an examination of each licensed rating organization, and he may, as often as may be reasonable and necessary make or cause to
be made an examination of any advisory organization or group, association or other
organization which engages in joint underwriting or joint reinsurance. In lieu of any
such examination, said commissioner may accept the report of an examination made
by the insurance supervisory official of another state. In examining any organization,
group or association pursuant to this section said commissioner shall ascertain whether
such organization, group or association, and, in the case of a rating organization, any
rate or rating system made or used by it, complies with the requirements and standards
of sections 38a-663 to 38a-681, inclusive, applicable to it.
(b) The Insurance Commissioner may, at any reasonable time, make or cause to be
made an examination of every admitted insurer transacting any class of insurance to
which the provisions of said sections are applicable to ascertain whether such insurer
and every rate and rating system used by it for every such class of insurance complies
with the requirements and standards of said sections applicable thereto. Such examination shall not be a part of a periodic general examination participated in by representatives of more than one state.
(c) The officers, managers, agents and employees of any such organization, group,
association, or insurer may be examined at any time under oath and shall exhibit all
books, records, accounts, documents or agreements governing its method of operation,
together with all data, statistics and information of every kind and character collected
or considered by such organization, group, association or insurer in the conduct of the
operations to which such examination relates.
(d) The reasonable cost of any examination authorized by this section shall be paid
by the organization, group, association or insurer to be examined.
(1969, P.A. 665, S. 15; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 313, 348.)
History: P.A. 77-614 placed insurance commissioner within the department of business regulation and made insurance
department a division within that department, effective January 1, 1979; P.A. 80-482 restored insurance commissioner
and division to prior independent status and abolished the department of business regulation; Sec. 38-201o transferred to
Sec. 38a-677 in 1991.