§33-27-6 Examination. - West Virginia Statutes

§33-27-6. Examination.
(a) Power of commissioner. -- Subject to the limitation contained in this section and in addition to the powers which the commissioner has under other articles of this chapter relating to the examination of insurers, the commissioner shall also have the power to order any insurer registered under section four of this article to produce such records, books or other information papers in the possession of the insurer or its affiliates as shall be necessary to ascertain the financial condition or legality of conduct of such insurer. In the event that such insurer fails to comply with such order, the commissioner shall have the power to examine such affiliates to obtain such information.

(b) Purpose and limitation of examination. -- The commissioner shall exercise his power under subsection (a) above only if the examination of the insurer under other articles of this chapter is inadequate or the interests of the policyholders of such insurer may be adversely affected.

(c) Use of consultants. -- The commissioner may retain at the registered insurer's expense such attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff as shall be reasonably necessary to assist in the conduct of the examination under subsection (a) above. Any person so retained shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.

(d) Expenses. -- Each registered insurer producing for examination records, books and papers pursuant to subsection (a) above shall be liable for and shall pay the expense of such examination in accordance with applicable laws of this state.