83-6-27 - Financial examination of registered insurer or affiliate. - Mississippi Statutes

§ 83-6-27. Financial examination of registered insurer or affiliate.
 

(1)  The commissioner is authorized to order any insurer registered under Sections 83-6-3 through 83-6-19 of this act to produce such records, books, or other information papers in the possession of the insurer or its affiliates which are necessary to ascertain the financial condition or legality of conduct of such insurer. In the event such insurer fails to comply with such order, the commissioner is authorized to examine such affiliates to obtain such information. 

(2)  The commissioner shall exercise his authority under subsection (1) of this section only if the interests of the policyholders of such insurer may be adversely affected. 

(3)  The commissioner may retain at the registered insurer's expense such attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff which are reasonably necessary to assist in the conduct of the examination under subsection (1) of this section. Any persons so retained are under the direction and control of the commissioner and shall act in a purely advisory capacity. 

(4)  Each registered insurer producing for examination records, books and papers pursuant to subsection (1) of this section is liable for the expense of such examination. 
 

Sources: Laws,  1974, ch. 366, § 4; Laws, 2001, ch. 379, § 1, eff from and after July 1, 2001.