§ 27-44-14 - Examination.
SECTION 27-44-14
§ 27-44-14 Examination. – (a) The director may examine any insurer, pool, rating organization, oradvisory organization as he or she deems necessary to ascertain compliance withthis chapter.
(b) Every insurer, pool, rating organization, and advisoryorganization shall maintain reasonable records of the type and kind reasonablyadapted to its method of operation containing its experience or the experienceof its members including the data, statistics, or information collected or usedby it in its activities. These records shall be available at all reasonabletimes to enable the director to determine compliance with the provisions ofthis chapter.
(c) The total cost of an examination made pursuant to thissection shall be paid by the examined party, and shall be one hundred-fiftypercent (150%) of the total salaries paid for the examining personnel of theinsurance division engaged in the examinations less any salary reimbursements,and shall be paid to the director to and for the use of the state. Theassessment shall be in addition to any taxes and fees otherwise payable to thestate. The officers, managers, agents, and employees of the ratingorganization, advisory organization, or group, association, or otherorganization may be examined at any time under oath and shall exhibit allbooks, records, accounts, documents, or agreements governing its method ofoperation.
(d) In lieu of the examination the director may accept thereport of an examination made by the insurance supervisory official of anotherstate pursuant to the laws of the state.
(e) Reports on examinations – Hearing and filing. The director shall prepare a report on the examination and shall, within areasonable time following completion of the report, furnish each ratingorganization with a copy of this report. The rating organization shall, withinthirty (30) days after receipt of a copy of the report, request the directorfor a hearing on the report, which shall be held by the commissioner upon ten(10) days written notice to the rating organization. Following the hearing thedirector may affirm, modify, or withdraw the report. The report, ormodification of it, shall then be filed in the office of the director as apublic record, or if no hearing is requested within the period of thirty (30)days, the report shall be filed at the expiration of that period.