56-5-315 - Examination of insurance entities by commissioner.
56-5-315. Examination of insurance entities by commissioner.
(a) The commissioner may examine any insurer, advisory organization, rate service organization, pool or residual market mechanism to ascertain compliance with this part.
(b) Every insurer, advisory organization, rate service organization, pool and residual market mechanism shall maintain records of the type and kind reasonably adapted to its method of operation. The records shall contain the experience, data, statistics and other information collected or used by it in its activities. These records shall be available for examination or inspection by the commissioner at any time upon reasonable notice.
(c) The cost of an examination made pursuant to this section shall be paid by the examined party in the same manner as provided by § 56-1-413.
(d) The commissioner may accept the report of an examination made by the insurance supervisory official of another state in lieu of an examination under this section.
[Acts 1983, ch. 66, § 16.]