Examination by Commissioner; compliance with order of Commissioner; enforcement of order issued by federal court.
1. A risk retention group shall submit to an examination by the Commissioner to determine its financial condition if the commissioner of insurance of the jurisdiction in which the group is chartered does not initiate such an examination within 60 days after a request by the Commissioner of Insurance of this state. The examination must be coordinated to avoid unjustified repetition and conducted in an expeditious manner. The Commissioner shall give due consideration to the procedure outlined in the handbook for examiners sponsored by the National Association of Insurance Commissioners.
2. A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a proceeding for voluntary dissolution or in a delinquency proceeding commenced by a commissioner of insurance of any state if there has been a finding of financial impairment after an examination conducted pursuant to subsection 1.
3. An order issued by a District Court of the United States, entered upon a finding that a risk retention group is in a hazardous financial condition, that enjoins the group from conducting operations or transacting insurance in any state, must be enforced by the district courts of this state.
Last modified: February 27, 2006