Section 500.1351 - Examination of insurer or affiliates; experts; expenses.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.1351 Examination of insurer or affiliates; experts; expenses.
Sec. 1351.
(1) Subject to the limitation contained in this section and in addition to the powers that the commissioner has under chapters 2 and 4 relating to the examination of insurers, the commissioner may order any insurer registered under section 1324 to produce records, books, or other information papers in the possession of the insurer or its affiliates as are necessary to ascertain the insurer's financial condition or legality of conduct. If the insurer fails to comply with the order, the commissioner may examine the affiliates to obtain the information.
(2) The commissioner may retain at the registered insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as are reasonably necessary to assist in the conduct of the examination under subsection (1). The expense of the attorneys, actuaries, accountants, and other experts shall be certified by the commissioner and paid as prescribed in sections 216 and 224. The person retained shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
(3) Each registered insurer producing for examination records, books, and papers pursuant to subsection (1) shall be liable for and shall pay the expense of the examination in accordance with sections 216 and 224.
History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name: Act 218