40-4308. Examination of companies; companies liable for expenses thereof.
40-4308
40-4308. Examination of companies; companies liable for expenses thereof.At least once in three years, and whenever the commissionerdetermines it to be prudent, the commissioner shall personally, or by somecompetent person appointed by the commissioner, visit each captiveinsurance company and thoroughly inspect and examine its affairs toascertain its financial condition, its ability to fulfill its obligationsand whether it has complied with the provisions of this act. Thecommissioner upon application, in the exercise of discretion, may enlargethe aforesaid three-year period to five years, if such captive insurancecompany is subject to a comprehensive annual audit during such period of ascope satisfactory to the commissioner by independent auditors approved bysuch commissioner. The expenses and charges of the examination shall bepaid to the state by the company or companies examined.
History: L. 1988, ch. 156, § 8; July 1.