(a) The Insurance Commissioner shall have the power to examine and investigate the insurance activities of depository institutions in order to determine whether a depository institution has been or is engaged in any unfair trade practice prohibited by this subchapter.
(b) The commissioner shall notify the appropriate bank regulatory agency of the commissioner's intent to examine or investigate a depository institution and advise the appropriate bank regulatory agency of the suspected violations of state law prior to commencing the examination or investigation.
(c) Administrative proceedings for persons not in compliance with this subchapter shall be held in accord with the procedures of §§ 23-66-209 — 23-66-213, subject to the following limitations or conditions:
(1)
(A) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner's authority to call a hearing for suspected violations of this subchapter is limited to the depository institution's insurance underwriting, sales, solicitation, and cross-marketing activities.
(B) The commissioner shall provide a copy of the notice of hearing to the appropriate bank regulatory agency when a depository institution is involved;
(2) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner shall have the power to require the depository institution to produce books, papers, records, correspondence, or other documents that the commissioner deems relevant only to the inquiry regarding the insurance activities of the depository institution; and
(3) If practicable, the commissioner shall:
(A) Notify the appropriate bank regulatory agency before imposing a monetary penalty on a depository institution or suspending or revoking the depository institution's insurance license; and
(B) Provide to the appropriate bank regulatory agency a copy of the findings.