§ 58‑2‑133. Conflict of interest; cost of examinations; immunity from liability.
(a) No person may beappointed as an examiner by the Commissioner if that person, either directly orindirectly, has a conflict of interest or is affiliated with the management ofor owns a pecuniary interest in any person subject to examination. This sectiondoes not preclude an examiner from being:
(1) A policyholder orclaimant under an insurance policy;
(2) A grantor of amortgage or similar instrument on the examiner's residence to an insurer ifdone under customary terms and in the ordinary course of business;
(3) An investment ownerin shares of regulated diversified investment companies; or
(4) A settler orbeneficiary of a blind trust into which any otherwise nonpermissible holdingshave been placed.
(b) Notwithstanding therequirements of G.S. 58‑2‑131, the Commissioner may retain fromtime to time, on an individual basis, qualified actuaries, certified publicaccountants, or other similar individuals who are independently practicingtheir professions, even though they may from time to time be similarly employedor retained by persons subject to examination under the Examination Law. In thecase of an examination of an insurer, the insurer shall bear the cost of retainingthose persons.
(c) The refusal of anyinsurer to submit to examination is grounds for the revocation, suspension, orrefusal of a license. The Commissioner may make public any such revocation,suspension, or refusal of license and may give reasons for that action.
(d) The provisions ofG.S. 58‑2‑160 apply to examinations conducted under the ExaminationLaw. (1991, c.681, s. 2; 1995, c. 360, s. 2(d); 2002‑144, s. 7; 2003‑284, s.22.2; 2004‑124, s. 21.1.)
§ 58‑2‑133. Conflict of interest; cost of examinations; immunity from liability.
(a) No person may beappointed as an examiner by the Commissioner if that person, either directly orindirectly, has a conflict of interest or is affiliated with the management ofor owns a pecuniary interest in any person subject to examination. This sectiondoes not preclude an examiner from being:
(1) A policyholder orclaimant under an insurance policy;
(2) A grantor of amortgage or similar instrument on the examiner's residence to an insurer ifdone under customary terms and in the ordinary course of business;
(3) An investment ownerin shares of regulated diversified investment companies; or
(4) A settler orbeneficiary of a blind trust into which any otherwise nonpermissible holdingshave been placed.
(b) Notwithstanding therequirements of G.S. 58‑2‑131, the Commissioner may retain fromtime to time, on an individual basis, qualified actuaries, certified publicaccountants, or other similar individuals who are independently practicingtheir professions, even though they may from time to time be similarly employedor retained by persons subject to examination under the Examination Law. In thecase of an examination of an insurer, the insurer shall bear the cost of retainingthose persons.
(c) The refusal of anyinsurer to submit to examination is grounds for the revocation, suspension, orrefusal of a license. The Commissioner may make public any such revocation,suspension, or refusal of license and may give reasons for that action.
(d) The provisions ofG.S. 58‑2‑160 apply to examinations conducted under the ExaminationLaw. (1991, c.681, s. 2; 1995, c. 360, s. 2(d); 2002‑144, s. 7; 2003‑284, s.22.2; 2004‑124, s. 21.1.)
§ 58‑2‑133. Conflict of interest; cost of examinations; immunity from liability.
(a) No person may beappointed as an examiner by the Commissioner if that person, either directly orindirectly, has a conflict of interest or is affiliated with the management ofor owns a pecuniary interest in any person subject to examination. This sectiondoes not preclude an examiner from being:
(1) A policyholder orclaimant under an insurance policy;
(2) A grantor of amortgage or similar instrument on the examiner's residence to an insurer ifdone under customary terms and in the ordinary course of business;
(3) An investment ownerin shares of regulated diversified investment companies; or
(4) A settler orbeneficiary of a blind trust into which any otherwise nonpermissible holdingshave been placed.
(b) Notwithstanding therequirements of G.S. 58‑2‑131, the Commissioner may retain fromtime to time, on an individual basis, qualified actuaries, certified publicaccountants, or other similar individuals who are independently practicingtheir professions, even though they may from time to time be similarly employedor retained by persons subject to examination under the Examination Law. In thecase of an examination of an insurer, the insurer shall bear the cost of retainingthose persons.
(c) The refusal of anyinsurer to submit to examination is grounds for the revocation, suspension, orrefusal of a license. The Commissioner may make public any such revocation,suspension, or refusal of license and may give reasons for that action.
(d) The provisions ofG.S. 58‑2‑160 apply to examinations conducted under the ExaminationLaw. (1991, c.681, s. 2; 1995, c. 360, s. 2(d); 2002‑144, s. 7; 2003‑284, s.22.2; 2004‑124, s. 21.1.)
