Section 379.343

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1972   

  379.343.  Examinations by director, when, how conducted, cost how paid. — 1.  The director of the department of commerce and insurance may, at any time he may deem it advisable, examine any insurer writing any class of insurance which is subject to the provisions of section 379.017 and sections 379.316 to 379.361, any rating organization licensed under the provisions of section 379.323, any advisory organization referred to in section 379.326, and every group, association, or other organization referred to in section 379.328, and he shall at least once every four years make or cause to be made such examination.

  2.  The examination of an insurer may be made during the course of an examination pursuant to provisions of other laws of this state.

  3.  During the course of any examination provided for in this section the officers, managers, agents and employees of the insurer, rating organization, advisory organization, or group, association or other organization may be examined under oath and shall exhibit all books, records, accounts, documents, or agreements governing its method of operation as may be requested by the director.

  4.  The reasonable cost of any examination provided for in this section shall be paid by the insurer, rating organization, advisory organization or group, association, or other organization undergoing such examination.

  5.  No report of examination shall be made public until the organization examined has an opportunity to review the proposed report and to file its comments with reference thereto, after which the report and its comments shall be filed for public inspection and become admissible in evidence as a public record.

  6.  The director may accept the report of an examination made by the insurance supervisory official of another state in lieu of any examination provided for in this section.

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(L. 1972 S.B. 547 § 13)