Section 58-24-59 - Examination by director of rating organization, advisory organization, and groupengaged in joint underwriting or joint reinsurance--Payment of cost--Scope--Acceptance of report of o
58-24-59. Examination by director of rating organization, advisory organization, and group engaged in joint underwriting or joint reinsurance--Payment of cost--Scope--Acceptance of report of official of another state. The director shall, at least once every five years, make or cause to be made an examination of each rating organization licensed in this state as provided in §§ 58-24-35 to 58-24-39, inclusive, and he may, as often as he may deem it expedient, make or cause to be made an examination of each advisory organization referred to in § 58-24-53 and of each group, association or other organization referred to in § 58-24-57. The cost of any such examination shall be paid by the rating organization, advisory organization, or group, association or other organization examined. The officers, manager, agents, and employees of such 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. In lieu of any such examination, the director may accept the report of an examination made by the insurance supervisory official of another state.
Source: SL 1966, ch 111, ch 15, § 12.