§ 27-13.1-3.1 - Authority, scope and scheduling of financial analysis. - Rhode Island Statutes

SECTION 27-13.1-3.1

   § 27-13.1-3.1  Authority, scope andscheduling of financial analysis. – (a) The director and any of his or her examiners may conduct annual andquarterly financial analysis under this chapter of each company licensed inthis state. All authority granted in conducting an examination under thischapter shall apply to the conduct of a financial analysis of a company exceptthat a warrant is not required and the financial analysis will be conductedbased on guidelines and procedures set forth in the Financial Analysis Handbookas adopted by the National Association of Insurance Commissioners. The directormay also employ any other guidelines or procedures as the director may deemappropriate.

   (b) The financial analysis of a company is a continuousprocess utilized primarily for monitoring the financial strength of a companyand therefore a final report is not required, however, where there aresignificant financial concerns a financial examination under this chapter willbe conducted and an examination report will be issued in accordance with §27-13.1-5.

   (c) All correspondence, emails, memorandums and otherdocumentation used in the financial analysis process are considered to beconfidential financial analysis workpapers in accordance with subsection27-13.1-5(f).

   (d) The total cost of the financial analysis shall be borneby the company as set forth in § 27-13.1-7.