§ 58-2-195. Commissioner may require records, reports, etc., for agencies, agents and others. - North Carolina Statutes

§58‑2‑195.  Commissioner may require records, reports, etc., foragencies, agents and others.

(a)        The Commissioner isempowered to make and promulgate reasonable rules and regulations governing therecording and reporting of insurance business transactions by insuranceagencies, agents, brokers and producers of record, any of which agencies,agents, brokers or producers of record are licensed in this State or aretransacting insurance business in this State to the end that such records andreports will accurately and separately reflect the insurance businesstransactions of such agency, agent, broker or producer of record in this State.Information from records required to be kept pursuant to the provisions of thissection must be furnished the Commissioner on demand and the original recordsrequired to be kept pursuant to the provisions of this section shall be open tothe inspection for the Commissioner or any other authorized employee describedin G.S. 58‑2‑25 when demanded.

(b)        Every insuranceagency transacting insurance business in this State shall at all times haveappointed some person employed or associated with such agency who shall havethe responsibility of seeing that such records and reports as are requiredpursuant to the provisions of this section are kept and maintained.

(c)        Any person subjectto the provisions of subsection (a) of this section who violates the provisionsof this section or the rules and regulations prescribed by the Commissionerpursuant to the provisions of this section may after notice and hearing: forthe first offense have his license or licenses (in case license be issued formore than one company in such person's case) suspended or revoked for not lessthan one month nor more than six months and for the second offense shall havehis license or licenses (in case license be issued from more than one companyin his case) suspended or revoked for the period of one year and such personshall not thereafter be licensed for one year from the date said revocation orsuspension first became effective.

(d)        For the purpose ofenforcing the provisions of this section the Commissioner or any otherauthorized employee described in G.S. 58‑2‑25 is authorized andempowered to examine persons, administer oaths and require production of papersand records relative to this section.

(e)        Whenever theCommissioner deems it to be prudent for the protection of policyholders in thisState, he or any other authorized employee described in G.S. 58‑2‑25shall visit and examine any insurance agency, agent, broker, adjuster, motorvehicle damage appraiser, or producer of record. The refusal of any agency,agent, broker, adjuster, motor vehicle damage appraiser, or producer of recordto submit to examination is grounds for the revocation or refusal of a license.(1971, c. 948, s. 1; 1987, c. 629, ss. 14, 15; c. 752, s. 1; 1995, c.360, s. 2(e).)