500.2662 Examination of rating advisory organizations; report.
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500.2662 Examination of rating advisory organizations; report.
Sec. 2662.
(1)The commissioner may make or cause to be made an examination of each rating organization licensed in this state under section 2630, each advisory organization referred to in section 2654, and of each group, association, or other organization referred to in section 2658. The reasonable costs of the examination shall be paid by the rating organization, advisory organization, or group, association, or other organization examined upon presentation to it of a detailed account of those costs. The officers, managers, agents, and employees of the rating organization, advisory organization, or group, association, or other organization may be examined at any time under oath and shall exhibit all books, records, accounts, documents, or agreements governing its method of operation. The examination is subject to the procedure provided for in section 222 relating to examinations of insurance companies.
(2)Instead of an examination under subsection (1), the commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of that state.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2002, Act 37 , Imd. Eff. Mar. 7, 2002
Popular Name: Act 218