§ 27-7.1-18 - Examination of rating and advisory organizations and underwriting and reinsurance groups.
SECTION 27-7.1-18
§ 27-7.1-18 Examination of rating andadvisory organizations and underwriting and reinsurance groups. – (a) The director may, as often as he or she may deem it necessary, make orcause to be made an examination of each rating organization licensed in thisstate as provided in § 27-9-22 and may also examine every group,association, or other organization of insurers, including any workers'compensation assigned risk servicing carrier or carriers. The officers,managers, agents, and employees of each rating organization, group,association, or other organization of insurers, including workers' compensationassigned risk servicing carrier or carriers, may be examined at any time underoath and shall exhibit all books, records, accounts, documents, or agreementsgoverning its method of operation. In lieu of any examination, the director mayaccept the report of any examination made by the insurance supervisory officialof another state, pursuant to the laws of that state.
(b) The expenses of examinations under this section shall beassessed against the organization being examined. The total cost of theexamination shall be borne by the examined organization and shall be in thesame amount as provided for in § 27-13-1 and shall be paid to the directorto and for the use of the state. This assessment for expenses shall be inaddition to any taxes and fees payable to the state. In instances where theexamination is performed by outside accountants, the expenses of theexamination shall be borne by the examined organization.