[§431C-15] Examiner; conflict of interest.

152 words·~1 min read·/hi/431c-15

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)An examiner shall not be appointed by the commissioner 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 automatically preclude an examiner from being:

(1)An owner;

(2)An insured in a policy or life settlement contract; or

(3)A beneficiary in a policy that is proposed for a life settlement contract.

(b)Notwithstanding the requirements of this section, the commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though these persons may from time to time be similarly employed or retained by persons subject to examination under this chapter. [L 2012, c 256, pt of §1]