§ 38.2-1332. Examinations
A. In addition to the powers the Commission has under Article 4 (§ 38.2-1317 et seq.) of this chapter, the Commission shall also have the power to order any insurer registered under § 38.2-1329 to produce any records, books, or other information papers in the possession of the insurer or its affiliates necessary to determine the financial condition or legality of conduct of the insurer. If the insurer fails to comply with the order, the Commission shall have the power to examine its affiliates to obtain the information.
B. The Commission shall exercise its power under subsection A of this section only if the examination of the insurer under Article 4 of this chapter is inadequate or the interests of the policyholders of the insurer may be adversely affected.
C. The Commission may retain at the registered insurer's expense any attorneys, actuaries, accountants and other experts reasonably necessary to assist in the conduct of the examination under subsection A of this section. Any persons so retained shall be under the direction and control of the Commission and shall act in a purely advisory capacity.
D. Each insurer producing books and papers for examination records pursuant to subsection A of this section shall be liable for and shall pay the expense of the examination in accordance with the provisions of Article 4 of this chapter.
E. The Commission may retain at the acquiring person's expense any attorneys, actuaries, accountants and other experts reasonably necessary to assist in the review of the contents of any application filed pursuant to § 38.2-1323.
(1973, c. 505, § 38.1-178.4; 1986, c. 562; 1992, c. 588.)
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