379.475. Director to examine--powers--cost--director may accept examination by other state. - Missouri Statutes

Director to examine--powers--cost--director may accept examination byother state.

379.475. 1. The director of the department of insurance, financialinstitutions and professional registration shall have the power, at any timehe may deem it advisable, to examine any insurer writing any class ofinsurance which is subject to the provisions of sections 379.420 to 379.510,any rating organization licensed under said sections, any advisoryorganization referred to in section 379.455, and every group, association, orother organization referred to in section 379.460.

2. The examination of an insurer may be made during the course of anexamination pursuant to provisions of other laws of this state.

3. It shall be the duty of the director at least once every three yearsto make or cause to be made an examination of every rating organizationlicensed under sections 379.420 to 379.510.

4. During the course of any examination provided for in this section theofficers, managers, agents and employees of the insurer, rating organization,advisory organization, or group, association or other organization may beexamined under oath and shall exhibit all books, records, accounts, documents,or agreements governing its method of operation as may be requested by thedirector.

5. The reasonable cost of any examination provided for in this sectionshall be paid by the insurer, rating organization, advisory organization orgroup, association, or other organization undergoing such examination.

6. The director may accept the report of an examination made by theinsurance supervisory official of another state in lieu of any examinationprovided for in this section.

(L. 1947 V. II p. 254 § 4)