20-149. Prohibition on certain activities by
employees; conflict of interest
A. The director, or any deputy, examiner, assistant or employee of the director
shall not be financially interested, directly or indirectly, in any insurer, agency or
any entity regulated under this title except as a policyholder or claimant under a
policy. As to such matters wherein a conflict of interests does not exist on the part of
any such individual, the director may employ from time to time insurance actuaries or
other technicians who are independently practicing their professions even though
similarly employed by insurers and others.
B. The director or any deputy, examiner, assistant or employee of the director
shall not be given nor receive any fee, compensation, loan, gift or other thing of value
in addition to the compensation provided by law for any service rendered or to be
rendered as such director, deputy or employee or in connection therewith.
C. This section shall not be deemed to prohibit employment by the director of
retired or pensioned personnel of insurers or insurance organizations.
D. The director, or any deputy, examiner, assistant or employee of the department
whose relative is an owner, partner, director, officer, holder of a beneficial interest
of more than five per cent whether as a shareholder or otherwise or a salaried employee
of any entity regulated under this title shall be subject to the conflict of interest and
disclosure requirements set forth in title 38, chapter 3, article 8.
E. For purposes of subsection D, the term "relative" shall include all persons set
forth in section 38-502, paragraph 9.
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