§ 23-63-516 - Examination. - Arkansas Statutes

23-63-516. Examination.

(a) Power of Commissioner. Subject to the limitation contained in this section and in addition to the powers which the Insurance Commissioner has under 23-61-101 et seq., 23-61-201 et seq., and 23-61-301 et seq. relating to the examination of insurers, the commissioner shall also have the power to order any insurer registered under 23-63-514 to produce the records, books, or other information papers in the possession of the insurer or its affiliates as shall be necessary to ascertain the financial condition or legality of conduct of the insurer. In the event the insurer fails to comply with the order, the commissioner shall have the power to examine the affiliates to obtain the information.

(b) Use of Consultants. The commissioner may retain at the insurer's expense such attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as shall be reasonably necessary to assist in the conduct of the examination under subsection (a) of this section. Any person so retained shall be under the direction and control of the commissioner and shall act in an advisory capacity.

(c) Expenses. Each registered insurer producing for examination records, books, and papers pursuant to subsection (a) of this section shall be liable for and shall pay the expense of the examination in accordance with 23-61-101 et seq., 23-61-201 et seq., and 23-61-301 et seq.