2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507 - EXAMINATION OF INSURANCE COMPANIES
507.3 - CONDUCT OF EXAMINATIONS.

        507.3  CONDUCT OF EXAMINATIONS.
         1.  Upon determining that an examination should be conducted, the
      commissioner or the commissioner's designee may appoint one or more
      examiners to perform the examination and instruct them as to the
      scope of the examination.  In conducting the examination, the
      examiner shall observe those guidelines and procedures set forth in
      the examiners' handbook adopted by the national association of
      insurance commissioners.  The commissioner may also employ other
      guidelines as the commissioner deems appropriate.
         2.  A company or person from whom information is sought and its
      officers, directors, and agents shall provide to the examiners
      appointed under subsection 1, timely, convenient, and free access at
      all reasonable hours at its offices to all books, records, accounts,
      papers, documents, and any or all computer or other recordings
      relating to the property, assets, business, and affairs of the
      company being examined.  The officers, directors, employees, and
      agents of the company or person shall facilitate the examination and
      aid in the examination so far as it is in their power to do so.  The
      refusal of any company, by its officers, directors, employees, or
      agents, to submit to examinations or to comply with any reasonable
      written request of the examiners is grounds for suspension or
      revocation of, or nonrenewal of, any license or authority held by the
      company to engage in the business of insurance or other business
      subject to the commissioner's jurisdiction.  Should a company decline
      or refuse to submit to an examination as provided in this chapter,
      the commissioner shall immediately revoke its certificate of
      authority, and if the company is organized under the laws of this
      state, the commissioner shall report the commissioner's action to the
      attorney general, who shall immediately apply to the district court
      for the appointment of a receiver to administer the final affairs of
      the company.
         3.  The commissioner or any of the commissioner's examiners may
      issue subpoenas, administer oaths, and examine under oath any person
      as to any matter pertinent to the examination.  Upon the failure or
      refusal of any person to obey a subpoena, the commissioner may
      petition a court of competent jurisdiction, and upon proper showing,
      the court may enter an order compelling the witness to appear and
      testify or produce documentary evidence.  Failure to obey the court
      order is punishable as contempt of court.
         4.  When making an examination under this chapter, the
      commissioner may retain attorneys, appraisers, independent actuaries,
      independent certified public accountants, or other professionals and
      specialists as examiners, the reasonable cost of which shall be borne
      by the company which is the subject of the examination.
         5.  This chapter does not limit the commissioner's authority to
      terminate or suspend any examination in order to pursue other legal
      or regulatory action pursuant to the insurance laws of this state.
      Findings of fact and conclusions made pursuant to any examination are
      deemed to be prima facie evidence in any legal or regulatory action.
      

         Section History: Early Form

         [S13, § 1821-b; C24, 27, 31, 35, 39, § 8627; C46, 50, 54, 58,
      62, 66, 71, 73, 75, 77, 79, 81, § 507.3] 

         Section History: Recent Form

         92 Acts, ch 1117, § 3; 97 Acts, ch 186, §2