(a) The Commissioner or any of his examiners may conduct an examination under this chapter of any company as often as the Commissioner in his sole discretion deems appropriate, but shall, at a minimum, conduct an examination of every insurer licensed in the territory not less frequently than once every five (5) years. In scheduling and determining the nature, scope and frequency of the examinations, the Commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants and other criteria as set forth in the Examiner's Handbook adopted by the National Association of Insurance Commissioners and in effect when the Commissioner exercises discretion under this section.
(b) For purposes of completing an examination of any company under this chapter, the Commissioner may examine or investigate any person, or the business of any person, in so far as such examination or investigation is, in the sole discretion of the Commissioner, necessary or material to the examination of the company.
(c) In lieu of an examination under this chapter of any foreign or alien insurer licensed in the territory, the Commissioner may accept an examination report on the company as prepared by the insurance department for the company's state of domicile or port-of-entry state until January 1, 1994. Thereafter, such reports may only be accepted if: (1) the insurance department was at the time of the examination accredited under the National Association of Insurance Commissioner's (NAIC) Financial Regulation Standards and Accreditation Program; or (2) the examination is performed under the supervision of an accredited insurance department or with the participation of one or more examiners who are employed by such an accredited state insurance department and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their insurance department.