§ 27-35-5 - Examination.
SECTION 27-35-5
§ 27-35-5 Examination. – (a) Power of commissioner. Subject to the limitation contained in thissection and in addition to the powers which the commissioner has under othersections of this title relating to the examination of insurers, thecommissioner shall also have the power to order any insurer registered under§ 27-35-3 to produce any records, books, or other information papers inthe possession of the insurer or its affiliates that shall be necessary toascertain the financial condition or legality of conduct of the insurer. In theevent the insurer fails to comply with the order, the commissioner shall havethe power to examine the affiliates to obtain the information.
(b) Purpose and limitation of examination. Thecommissioner shall exercise his or her power under subsection (a) of thissection only if the examination of the insurer under other sections of thistitle is inadequate or the interests of the policyholders of the insurer may beadversely affected.
(c) Use of consultants. The commissioner may retain atthe registered insurer's expense those attorneys, actuaries, accountants, andother experts not a part of the commissioner's staff that shall be reasonablynecessary to assist in the conduct of the examination under subsection (a) ofthis section. Any persons retained shall be under the direction and control ofthe commissioner and shall act in a purely advisory capacity.
(d) Expenses. Each registered insurer producing forexamination records, books and papers pursuant to subsection (a) of thissection shall be liable for and shall pay the expense of the examination inaccordance with applicable laws of this state.