§ 58-2-136. Insurer records sent to Department for examination; expenses. - North Carolina Statutes

§ 58‑2‑136. Insurer records sent to Department for examination; expenses.

(a)        As used in thissection, "records" means all data relating to the property, assets,business, and affairs of the insurer being examined.

(b)        In addition to theCommissioner's authority in G.S. 58‑2‑185 through G.S. 58‑2‑200to compel the production of records, in lieu of sending examiners to thelocation of an insurer's records to conduct an examination under theExamination Law, the Commissioner may require the insurer to send copies of itsrecords to the Department. The chief executive or financial officer of theinsurer shall certify under oath that the copies are true and accurate copiesof the insurer's records. The insurer being examined shall pay all expensesassociated with the examination. The insurer is not liable for the salaries andbenefits of Department employees. The refusal by an insurer to pay for expensesunder this subsection is grounds for the suspension, revocation, or refusal ofa license.

(c)        If the Commissionersends examiners to the location of an insurer's records to conduct anexamination under the Examination Law, the insurer shall pay for the travel andsubsistence expenses and other administrative expenses associated with theexamination. The insurer is not liable for the salaries and benefits ofDepartment employees. The refusal by an insurer to pay for expenses under thissubsection is grounds for the suspension, revocation, or refusal of a license. (2002‑144, s. 8; 2003‑284,s. 22.2; 2004‑124, s. 21.1.)