§431:2-302  Authority, scope, and schedulingof examinations.  (a)  The commissioner or any authorized examiner mayconduct an examination of any company as often as the commissioner deemsappropriate, but, at a minimum, shall conduct an examination of each domesticinsurer at least once every five years.  In scheduling and determining thenature, scope, and frequency of the examinations, the commissioner shallconsider such matters as the results of financial statement analyses andratios, changes in management or ownership, actuarial opinions, reports ofindependent certified public accountants, and other criteria as set forth inthe examiners' handbook adopted by the National Association of InsuranceCommissioners and in effect, when the commissioner exercises discretion underthis section.

(b)  For purposes of completing an examinationof any insurer, the commissioner may examine or investigate any person, or thebusiness of any person, insofar as such examination or investigation is, in thesole discretion of the commissioner, necessary or material to the examinationof the insurer.

(c)  In lieu of an examination of any foreignor alien insurer licensed in this State, the commissioner may accept anexamination report on the insurer as prepared by the state regulatory agencyfor insurance for the insurer's state of domicile or port-of-entry state untilJanuary 1, 1994.  Thereafter, such reports may only be accepted under thefollowing conditions:

(1)  The state's regulatory agency for insurance was,at the time of the examination, accredited under the National Association ofInsurance Commissioners' Financial Regulation Standards and AccreditationProgram; or

(2)  The examination was performed:

(A)  Under the supervision of an accreditedstate regulatory agency for insurance; or

(B)  With the participation of one or moreexaminers who are employed by an accredited state regulatory agency forinsurance and who, after a review of the examination workpapers and report,state under oath that the examination was performed in a manner consistent withthe standards and procedures required by their state regulatory agency forinsurance. [L 1987, c 347, pt of §2; am L 1989, c 195, §12; am L 1993, c 321,§6; am L 2005, c 132, §1]