41-1427. EXAMINATION OF INSURERS AND RATING, ADVISORY, JOINT UNDERWRITING, AND JOINT REINSURANCE ORGANIZATIONS. (1) As often as he deems necessary, and not less frequently than each five (5) years, the director shall examine each licensed rating organization, each advisory organization, each group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, and each authorized insurer transacting in this state any class of insurance to which the provisions of this chapter are applicable. The examination shall be for the purpose of ascertaining compliance by the person examined with the applicable provisions of this chapter. As to insurers, no such examination requirement shall be satisfied by the periodic examination of the insurer’s general affairs.
(2) In lieu of any such examination the director may accept the report of a similar examination made by the insurance supervisory official of another state.
(3) The reasonable cost of the examination shall be paid by the person examined, and such person shall be subject, as though an "insurer," to the provisions of section 41-228, Idaho Code, (examination expense).
(4) Such examination shall also be subject to the applicable provisions of sections 41-223, Idaho Code, (conduct of examination), 41-227, Idaho Code, (examination report), 41-229, Idaho Code, (witnesses and evidence) and 41-230, Idaho Code, (testimony compelled — immunity from prosecution).
History:
[41-1427, added 1961, ch. 330, sec. 332, p. 645; am. 1969, ch. 306, sec. 7, p. 917; am. 2007, ch. 279, sec. 1, p. 810.]