§ 27-13.1-1. Purpose. The purpose of this chapter is to provide an effective and efficient system for examining the activities, operations, financial condition, and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the jurisdiction of the director. The provisions of this chapter are intended to […]
§ 27-13.1-2. Definitions. The following terms, as used in this chapter, shall have the respective meanings hereinafter set forth: (1) “Company” means a person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to […]
§ 27-13.1-3. Authority, scope, and scheduling of examinations. (a) The director or any of his or her examiners may conduct an examination under this chapter of any company as often as the director in his or her sole discretion deems appropriate, but shall, at a minimum, conduct an examination of every insurer licensed in this […]
§ 27-13.1-3.1. Authority, scope and scheduling of financial analysis. (a) The director and any of his or her examiners may conduct annual and quarterly financial analysis under this chapter of each company licensed in this state. All authority granted in conducting an examination under this chapter shall apply to the conduct of a financial analysis […]
§ 27-13.1-4. Conduct of examinations. (a) Upon determining that an examination should be conducted, the director or the director’s designee shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and […]
§ 27-13.1-5. Examination reports. (a) General description. An examination report shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents or other persons examined, or as ascertained from the testimony of its officers or agents or other persons examined concerning its affairs, and such conclusions and […]
§ 27-13.1-6. Conflict of interest. (a) An examiner may not be appointed by the director if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section shall not be construed to […]
§ 27-13.1-7. Cost of examinations. (a) The total cost of the examinations shall be borne by the examined companies and shall include the following expenses: (1) One hundred fifty percent (150%) of the total salaries and benefits paid to the examining personnel of the banking and insurance division engaged in those examinations less any salary […]
§ 27-13.1-8. Immunity from liability. (a) No cause of action shall arise nor shall any liability be imposed against the director, the directors authorized representatives or an examiner appointed by the director for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. (b) No cause of action […]
