(a) At least once every three years, and if the SAM determines it to be prudent, the SAM, or his designee, shall visit each SPFC and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with this subchapter. The SAM upon application, in his discretion, may enlarge the three year period to five years, if an SPFC is subject to a comprehensive annual audit during that period of a scope satisfactory to the SAM by licensed independent auditors approved by the SAM. The expenses and charges of the examination must be paid to the Territory by the company or companies examined, and the Department shall issue its warrants for the proper charges incurred in all examinations.
(b) All examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies of documents produced by, obtained by, or disclosed to the SAM or any other person in the course of an examination made pursuant to the provisions of this section are confidential and are not subject to subpoena and may not be made public by the SAM or an employee or agent of the SAM without the written consent of the company, except to the extent provided in this subsection. Nothing in this subsection prevents the SAM from using this information in furtherance of the SAM's regulatory authority as provided by the provisions of this title. The SAM may grant access to this information to public officers having jurisdiction over the regulation of insurance in another Territory or country, or to law enforcement officers of this Territory, including the Attorney General or Lieutenant Governor or another Territory or agency of the federal government at any time, if the officers receiving the information agree in writing to hold it in a manner consistent with this section.