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23-91-220. Examination of insurer's affairs.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-91-220. Examination of insurer's affairs.
(a) The Insurance Commissioner shall make an examination of the affairs of any insurer as often as the commissioner deems it necessary for the protection of the interests of the people of this state.
(b) The following sections shall apply to examinations conducted pursuant to subsection (a) of this section:
(1) Examination of managers and promoters, § 23-61-202;
(2) Examiners, § 23-61-203;
(3) Examination — Records and appraisals, § 23-61-204;
(4) Examination reports, § 23-61-205; and
(5) Examination expense, § 23-61-206.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-91-220
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-91-220
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e5d892597cc885a8195cd692a99e5c9187089d401c8b0c70358276c1a79c7a41
Source location: content.xml paragraph 55434
Stored source content
23-91-220. Examination of insurer's affairs.
(a) The Insurance Commissioner shall make an examination of the affairs of any insurer as often as the commissioner deems it necessary for the protection of the interests of the people of this state.
(b) The following sections shall apply to examinations conducted pursuant to subsection (a) of this section:
(1) Examination of managers and promoters, § 23-61-202;
(2) Examiners, § 23-61-203;
(3) Examination — Records and appraisals, § 23-61-204;
(4) Examination reports, § 23-61-205; and
(5) Examination expense, § 23-61-206.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-202. Examination of managers and promoters required.
For the purposes of completing an examination of any company under this subchapter, the Insurance Commissioner may, as often as he or she deems advisable, examine or investigate any person, or the business of any person, insofar as such an examination or investigation is, in the sole discretion of the commissioner, necessary or material to the examination of the company.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-202
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-203. Examiners.
(a) Upon determining that an examination should be conducted, the Insurance Commissioner shall issue an examination certificate of authority appointing one (1) or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and procedures set forth in the most current edition of the applicable examiners handbook adopted by the National Association of Insurance Commissioners. The commissioner may also employ such other guidelines or procedures as the commissioner may deem appropriate.
(b) When making an examination under this subchapter, the commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists as examiners, the cost of which shall be borne by the company which is the subject of the examination.
(c)(1) The commissioner may also accept as a part of the State Insurance Department's examination of any insurer or person:
(A) A report by an independent actuary deemed competent by the commissioner; or
(B) A report of an audit made by an independent certified public accountant.
(2) Neither those persons so designated nor any members of their immediate families shall be officers of, connected with, or financially interested in any insurer other than as policyholders, nor shall they be financially interested in any other corporation or person affected by the examination, investigation, or hearing.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-203. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-204. Examination — Records and appraisals.
(a)(1) Every company or person from whom information is sought, its officers, directors, and agents, must provide to the examiners appointed under § 23-61-203 timely, convenient, and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all computer or other recordings relating to the property, assets, business, and affairs of the company being examined. The officers, directors, employees, and agents of the company or person must facilitate such an examination and aid in such an examination so far as it is in their power to do so.
(2) The refusal of any company, by its officers, directors, employees, or agents, to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension, revocation, or refusal of, or nonrenewal of, any license or authority held by the company to engage in an insurance or other business subject to the Insurance Commissioner's jurisdiction. Any such proceedings for suspension, revocation, or refusal of any license or authority shall be conducted pursuant to § 23-63-213.
(b) If the commissioner finds the accounts to be inadequate or inadequately kept or posted, he or she may employ experts to rewrite, post, or balance them at the expense of the person being examined if the person has failed to complete or correct the accounting after the commissioner has given the person notice and a reasonable opportunity to do so.
(c)(1) If the commissioner deems it necessary to value any property involved in an examination, he or she may make written request of the person being examined to appoint one (1) or more competent appraisers, approved by the commissioner, for the purpose of appraising
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-204
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-204. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-205. Examination reports.
(a)(1) The Insurance Commissioner or his or her examiner shall make a full and true written report of each examination, which shall comprise only facts appearing upon the books, records, or other documents of the insurer, its agents, or other persons examined, or as ascertained from the sworn testimony of its officers or agents or other persons examined concerning its affairs, and shall include such conclusions and recommendations as may reasonably be warranted from the facts.
(2) No later than sixty (60) days following completion of the examination, the examiner in charge shall file with the State Insurance Department a verified written report of the examination under oath. Upon receipt of the verified report, the department shall transmit the report to the company examined, together with a notice which shall afford the company examined a reasonable opportunity of not more than thirty (30) days to make a written submission or rebuttal with respect to any matters contained in the examination report.
(3) Within thirty (30) days after the end of the period allowed for the receipt of written submissions or rebuttals, the commissioner shall fully consider and review the report, together with any written submissions or rebuttals and any relevant portions of the examiners' work papers, and enter an order:
(A) Adopting the examination report as filed or with modification or corrections. If the examination report reveals that the company is operating in violation of any law, rule, or prior order of the commissioner, the commissioner may order the company to take any action the commissioner considers necessary and appropriate to cure such a violation;
(B) Rejecting the examination report with directions to the examiners to reopen the exa
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-205
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-205. This identifies an authority to review, not proof of applicability.