380.061. Examination by department, powers and duties--expenses--examination by CPA in lieu of department--refusal to comply, effect.

MISSOURI STATUTES AND CODES

380.061. Examination by department, powers and duties--expenses--examination by CPA in lieu of department--refusal to comply, effect.

Examination by department, powers and duties--expenses--examination byCPA in lieu of department--refusal to comply, effect.

380.061. 1. It shall be the duty of the director of the department ofinsurance, financial institutions and professional registration or his dulyappointed agents to make full and careful examination of the affairs of anycompany operating under the provisions of sections 380.011 to 380.151. Thedirector shall examine such companies whenever, in his discretion, it isdeemed necessary.

2. He or any of his duly appointed agents may compel the attendancebefore him, and may examine, under oath, the directors, officers, agents,employees, solicitors, attorneys or any other person, in reference to thecondition, affairs, management of the business, or any matters relatingthereto. He may administer oaths or affirmations, may summon and compel theattendance of witnesses, and may require and compel the production of records,books, papers, contracts or other documents, if necessary.

3. In every such examination, inquiry shall be made as to the nature andresources of the corporation generally, the mode of conducting and managingits affairs, the actions of its directors and the security provided itsmembers.

4. The refusal of any such company to permit the examination of itsaffairs as provided in this section shall be sufficient cause for theinstitution of proceedings to wind up the affairs of the corporation asprovided by section 380.071.

5. The expenses of such examination, as determined by the director ofthe department of insurance, financial institutions and professionalregistration, shall be paid by the company examined.

6. In lieu of an examination by the department of insurance, financialinstitutions and professional registration the director may accept, in aformat acceptable to the director, a financial examination report of suchcompany prepared by an independent certified public accountant.