Director may conduct examinations
The director (a state official) has the power to check on insurance companies and advisory groups to make sure they follow the rules. These companies and groups must keep detailed records and make them available for review. The company being checked pays for the cost of the review. The director can also accept a review done by another state instead of doing a new one.
287.937. may conduct examinations — and s to maintain records, purpose — cost of examination — outstate examination may be accepted. — 1. The director may examine any insurer and the advisory organization as necessary to with sections 287.930 to 287.975.
2. Every insurer and the advisory organization shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its s or the experience of its members including the data, statistics or collected or used by it in its activities. These records shall be available at all reasonable times to enable the director to determine whether the activities of the advisory organization, insurer or association comply with the of sections 287.930 to 287.975. Such records shall be maintained in an office within this state or shall be made available to the director for examination or inspection at any time upon reasonable notice.
3. The reasonable cost of an examination made this section shall be paid by the examined upon presentation of a detailed account of such costs.
4. any such examination the director may accept the report of an examination by the of another state, made pursuant to the laws of such state.
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Source & history notes
(L. 1993 S.B. 251 § 20) Effective 1-01-94
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