Section 107 – Third-party consultants.

• (1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner’s staff:
  • (a) at the insurer’s or insurance group’s expense; and
  • (b) as is reasonably necessary to assist the commissioner in reviewing the insurer’s or insurance group’s:
    • (i) corporate governance annual disclosure and related information; or
    • (ii) compliance with this chapter.

• (2) A person the commissioner retains under Subsection (1):
  • (a) is under the direction and control of the commissioner; and
  • (b) shall act in a purely advisory capacity.

• (3) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer or insurance group, that the third-party consultant:
  • (a) is free of a conflict of interest; and
  • (b) has internal procedures in place to:
    • (i) monitor compliance with Subsection (3)(a); and
    • (ii) comply with the confidentiality standards and requirements of this chapter.

Enacted by Chapter 193, 2019 General Session