2011 Louisiana Laws
Revised Statutes
TITLE 22 — Insurance
RS 22:705 — Examination

§705. Examination

A. Power of commissioner. Subject to the limitation contained in this Section and in addition to the powers which the commissioner has under this Code relating to the examination of insurers, the commissioner shall also have the power to order any insurer registered under R.S. 22:703 to produce such records, books, or other information papers in the possession of the insurer or its affiliates as are reasonably necessary to ascertain the financial condition of such insurer or to determine compliance with this Subpart. In the event such insurer fails to comply with such order, the commissioner shall have the power to examine such affiliates to obtain such information.

B. Use of consultants. The commissioner may retain at the registered insurer's expense, such attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as shall be 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 commissioner and shall act in a purely advisory capacity. However, if these expenses exceed three thousand dollars, all work of these experts is subject to review, and such experts must prepare a projection of the amount of time and expenses necessary to complete the examination. If the projected amount of time and expenses required to complete the examination appear excessive, the registered insurer may request a limit be placed on the expenses of the expert.

C. Expenses. Each registered insurer producing for examination records, books, and papers pursuant to Subsection A of this Section shall be liable for and shall pay the expense of such examination in accordance with R.S. 22:1985 through 1987.

Acts 1991, No. 794, §1; Acts 1992, No. 811, §1; Redesignated from R.S. 22:1007 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.