§431:2-302  Authority, scope, and scheduling
of examinations.  (a)  The commissioner or any authorized examiner may
conduct an examination of any company as often as the commissioner deems
appropriate, but, at a minimum, shall conduct an examination of each domestic
insurer at least once every five years.  In scheduling and determining the
nature, scope, and frequency of the examinations, the commissioner shall
consider such matters as the results of financial statement analyses and
ratios, changes in management or ownership, actuarial opinions, reports of
independent certified public accountants, and other criteria as set forth in
the examiners' handbook adopted by the National Association of Insurance
Commissioners and in effect, when the commissioner exercises discretion under
this section.



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



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



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



(2)  The examination was performed:



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



(B)  With the participation of one or more
examiners who are employed by an accredited state regulatory agency for
insurance and who, after a review of the examination workpapers and report,
state under oath that the examination was performed in a manner consistent with
the standards and procedures required by their state regulatory agency for
insurance. [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]