§ 27-13.1-3 Authority, scope, andscheduling of examinations. – (a) The director or any of his or her examiners may conduct an examinationunder this chapter of any company as often as the director in his or her solediscretion deems appropriate, but shall, at a minimum, conduct an examinationof every insurer licensed in this state not less frequently than once everyfive (5) years. In scheduling and determining the nature, scope, and frequencyof the examinations, the director shall consider such matters as the results offinancial statement analyses and ratios, changes in management or ownership,actuarial opinions, reports of independent certified public accountants, andother criteria as set forth in the Financial Condition Examiners' Handbookadopted by the National Association of Insurance Commissioners and in effectwhen the director exercises discretion under this section.
(b) For purposes of completing an examination of a companyunder this chapter, the director may examine or investigate any person, or thebusiness of any person, in so far as the examination or investigation is, inthe sole discretion of the director, necessary or material to the examinationof the company.
(c) In lieu of an examination under this chapter of a foreignor alien insurer licensed in this state, the director may accept an examinationreport on the company as prepared by the insurance department for the company'sstate of domicile or port of entry state only if:
(1) The insurance department was at the time of theexamination accredited under the National Association of InsuranceCommissioners' financial regulation standards and accreditation program; or
(2) The examination is performed under the supervision of anaccredited insurance department or with the participation of one or moreexaminers who are employed by an accredited state insurance department and who,after a review of the examination work papers and report, state under oath thatthe examination was performed in a manner consistent with the standards andprocedures required by their insurance department.
§ 27-13.1-3 Authority, scope, andscheduling of examinations. – (a) The director or any of his or her examiners may conduct an examinationunder this chapter of any company as often as the director in his or her solediscretion deems appropriate, but shall, at a minimum, conduct an examinationof every insurer licensed in this state not less frequently than once everyfive (5) years. In scheduling and determining the nature, scope, and frequencyof the examinations, the director shall consider such matters as the results offinancial statement analyses and ratios, changes in management or ownership,actuarial opinions, reports of independent certified public accountants, andother criteria as set forth in the Financial Condition Examiners' Handbookadopted by the National Association of Insurance Commissioners and in effectwhen the director exercises discretion under this section.
(b) For purposes of completing an examination of a companyunder this chapter, the director may examine or investigate any person, or thebusiness of any person, in so far as the examination or investigation is, inthe sole discretion of the director, necessary or material to the examinationof the company.
(c) In lieu of an examination under this chapter of a foreignor alien insurer licensed in this state, the director may accept an examinationreport on the company as prepared by the insurance department for the company'sstate of domicile or port of entry state only if:
(1) The insurance department was at the time of theexamination accredited under the National Association of InsuranceCommissioners' financial regulation standards and accreditation program; or
(2) The examination is performed under the supervision of anaccredited insurance department or with the participation of one or moreexaminers who are employed by an accredited state insurance department and who,after a review of the examination work papers and report, state under oath thatthe examination was performed in a manner consistent with the standards andprocedures required by their insurance department.
§ 27-13.1-3 Authority, scope, andscheduling of examinations. – (a) The director or any of his or her examiners may conduct an examinationunder this chapter of any company as often as the director in his or her solediscretion deems appropriate, but shall, at a minimum, conduct an examinationof every insurer licensed in this state not less frequently than once everyfive (5) years. In scheduling and determining the nature, scope, and frequencyof the examinations, the director shall consider such matters as the results offinancial statement analyses and ratios, changes in management or ownership,actuarial opinions, reports of independent certified public accountants, andother criteria as set forth in the Financial Condition Examiners' Handbookadopted by the National Association of Insurance Commissioners and in effectwhen the director exercises discretion under this section.
(b) For purposes of completing an examination of a companyunder this chapter, the director may examine or investigate any person, or thebusiness of any person, in so far as the examination or investigation is, inthe sole discretion of the director, necessary or material to the examinationof the company.
(c) In lieu of an examination under this chapter of a foreignor alien insurer licensed in this state, the director may accept an examinationreport on the company as prepared by the insurance department for the company'sstate of domicile or port of entry state only if:
(1) The insurance department was at the time of theexamination accredited under the National Association of InsuranceCommissioners' financial regulation standards and accreditation program; or
(2) The examination is performed under the supervision of anaccredited insurance department or with the participation of one or moreexaminers who are employed by an accredited state insurance department and who,after a review of the examination work papers and report, state under oath thatthe examination was performed in a manner consistent with the standards andprocedures required by their insurance department.
