58-3-23. Preclusion of examiner--Grounds.
No examiner may be appointed by the director if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section may not be construed to automatically preclude an examiner from being:
(1)A policyholder or claimant under an insurance policy;
(2)A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;
(3)An investment owner in shares of regulated diversified investment companies; or
(4)A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.
Source: SL 1992, ch 338, §16.