§ 27-71-6 - Protocols for market conduct actions.
SECTION 27-71-6
§ 27-71-6 Protocols for market conductactions. – (a) Market conduct actions taken as a result of a market analysis shall focuson the general business practices and compliance activities of insurers, ratherthan identifying infrequent or unintentional random errors that do not causeconsumer harm.
(b) The commissioner is authorized to determine the frequencyand timing of such market conduct actions. The timing shall depend upon thespecific market conducted action to be initiated, unless extraordinarycircumstances indicating a risk to consumers require immediate action.
(2) If the commissioner has information that more than oneinsurer is engaged in common practices that may violate statute or regulations,he or she may schedule and coordinate multiple examinations simultaneously.
(c) The insurer shall be given an opportunity to resolve suchmatters that arise as a result of market analysis to the satisfaction of thecommissioner before any additional market conduct actions are taken against theinsurer. If the insurer has modified such practice or procedure as a result ofa market conduct action taken by the commissioner of another state, thecommissioner shall accept appropriate documentation that the insurer hassatisfactorily modified the practice or procedure and made similar modificationto such practice or procedure in this state. The commissioner may require otheror additional practice or procedure modifications as are necessary to achievecompliance with specific state laws or regulations, which differ substantiallyfrom those of the state conducted examination.