31A-16b-107. Third-party consultants.

167 words·~1 min read·/ut/title-31a/chapter-16b/31a-16b-107

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

Effective 1/1/2020

(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