58-29A-63. Examination of insurer on request by board--Cost of examination--Handling of report.
191 words·~1 min read·
/sd/title-58/chapter-58-29/58-29a-63·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To aid in the detection and prevention of insurer insolvencies, the board of directors may, upon majority vote, request that the director order an examination of any member insurer which the board in good faith believes may be in a financial condition hazardous to the policyholders or the public. Within thirty days of the receipt of such request, the director shall begin the examination. The examination may be conducted as a National Association of Insurance Commissioners' Examination or may be conducted by such persons as the director designates.
The cost of the examination shall be paid by the association and the examination report shall be treated as are other examination reports. In no event may the examination report be released to the board of directors prior to its release to the public, but this does not preclude the director from complying with § 58-29A-64 . The director shall notify the board of directors when the examination is completed. The request for an examination shall be kept on file by the director but it may not be open to public inspection prior to the release of the examination report to the public.