Section 12-424 - Examinations.
§ 12-424. Examinations.
(a) On-site examinations.- The Commissioner may conduct an on-site examination of a licensee or authorized delegate with not less than 7 business days prior notice.
(b) Same - Without notice.- With good cause, the Commissioner may conduct an on-site examination of a licensee or authorized delegate with no prior notice.
(c) Costs.- The licensee shall pay all reasonably incurred costs of an examination.
(d) Examination made in conjunction with representative from other states.- The on-site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e) Report in lieu of on-site examination.-
(1) The Commissioner, in lieu of an on-site examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(f) Extent.- The Commissioner may:
(1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.
[2002, ch. 539.]