§ 3552. Fees assessed by the National Association of Insurance Commissioners A company domiciled in this State and licensed by the Commissioner of Financial Regulation under this title, including captive insurance companies and risk retention groups licensed under chapter 141 of this title shall not be required to pay any fee, assessment, or charge of […]
§ 3561. Annual statement (a) Each domestic, foreign, and alien insurance company doing business in this state shall annually submit to the Commissioner a statement of its financial condition, verified by oath of two of its executive officers. The statement shall be prepared in accordance with the National Association of Insurance Commissioners’ Instructions Handbook and […]
§ 3562. Time reports due Reports of all insurance companies shall be made annually, on or before March 1 for the year ending December 31, or within any extension of time not to exceed 30 days which the Commissioner for good cause may have granted. Whenever the Commissioner deems it necessary, the Commissioner may demand […]
§ 3563. Examination of companies; fees The Commissioner shall thoroughly inspect and examine the affairs of each domestic insurer to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the provisions of law. Such an inspection and examination shall be conducted personally or by a competent person appointed […]
§ 3564. Examination of foreign insurers; expenses (a) At least once every three years and when the Commissioner determines it to be prudent for the protection of policyholders in this State, he or she shall, in like manner, visit and examine or cause to be visited and examined by some competent person whom the Commissioner […]
§ 3565. Examination of officers and books (a) The Commissioner, inspecting an insurance company, may require its officers, or any agent thereof, to exhibit books kept by them relating to their business and may examine under oath such agents and officers and other persons as he or she thinks proper, in relation to the business […]
§ 3566. Penalty for refusal The Commissioner may suspend, revoke, or nonrenew the license of any company if the company, by its officers, directors, employees, or agents, refuses to submit to examination or to comply with any reasonable written request of the examiners. Any such proceedings for suspension, revocation, or nonrenewal of any license or […]
§ 3567. Liquor liability insurance records (a) All insurers licensed to sell insurance, including nonadmitted insurers with whom certain types of insurance may be placed as permitted by chapter 138 of this title, shall submit the following liquor liability insurance statistics to the Commissioner of Financial Regulation who shall collect and maintain records on the […]
§ 3568. Preservation of records (a) Every domestic and foreign insurer shall preserve their business records in accordance with the rules adopted under this section. (b) The Commissioner may by rule require insurers to preserve any records relating to the business of insurance as are necessary for efficient and effective insurance regulation. (c) If a […]
§ 3569. National Association of Insurance Commissioners filing requirements (a) Each domestic, foreign, and alien insurer who is authorized to transact insurance in this State shall annually on or before March 1 of each year, or within any extension of time not to exceed 30 days which the Commissioner, for good cause may have granted, […]
§ 3570. Immunity In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners’ employees, and all others charged with the responsibility of collecting, reviewing, analyzing, and disseminating the information developed from the filing of the annual […]
§ 3571. Confidentiality All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department by the National Association of Insurance Commissioners’ Insurance Regulatory Information System are confidential and may not be disclosed by the Department. (Added 1991, No. 101, § 10.)
§ 3572. Revocation of certificate of authority The Commissioner may suspend, revoke, or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within any extension of time which the Commissioner, for good cause, may have granted. (Added 1991, No. 101, § 11.)
§ 3573. Conduct of examinations (a) Upon determining that an examination should be conducted, the Commissioner or the Commissioner’s designee shall issue an examination order appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting a financial or a market conduct examination, the examiner […]
§ 3574. Examination reports (a) General description. All examination reports 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 […]
§ 3575. Conflict of interest (a) No examiner may be appointed by the Commissioner if such 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 subchapter. This section shall not be construed to disqualify […]
§ 3576. Immunity from liability (a) No insurer nor any of its officers, employees, or agents shall have a cause of action against an authorized representative of the Commissioner or an examiner appointed by the Commissioner as a result of any statements made or work performed in good faith while carrying out the provisions of […]
§ 3577. Requirements for actuarial opinions (a) Each licensed insurance company shall include on or attached to its annual statement submitted under section 3561 of this title a statement of a qualified actuary, entitled “statement of actuarial opinion,” setting forth an opinion on life and health policy and claim reserves and an opinion on property […]
§ 3578a. Annual financial reporting The Commissioner shall adopt by rule the Annual Financial Reporting Model Regulation of the National Association of Insurance Commissioners, as may be amended from time to time, or in the Commissioner’s discretion a regulation substantially similar thereto. (Added 2009, No. 42, § 7; amended 2013, No. 29, § 25, eff. […]
§ 3579. Qualified accountants (a) A certified public accountant retained to perform audits of an insurer pursuant to the annual financial reporting rule adopted by the Commissioner under section 3578a of this title: (1) shall be a member in good standing of the American Institute of Certified Public Accountants and in all states in which […]
