R590. Insurance, Administration.R590-150. Commissioner's Acceptance of Examination Reports.
R590-150-1. Authority.
This rule is promulgated by the commissioner pursuant to Sections 31A-2-201 and 31A-2-203.
R590-150-2. Purpose and Scope.
(1) The purpose of this rule is to identify the examination reports acceptable to the commissioner.
(2) This rule applies to an insurer licensed under Title 31A, Chapter 5, 9, or 14.
R590-150-3. Definitions.
Terms used in this rule are defined in Section 31A-1-301.
R590-150-4. Rule.
An examination report prepared by the state of domicile or port of entry state will be accepted in lieu of an examination under Section 31A-2-203 if:
(1) the insurance department that prepared the report was, at the time of the examination, accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program;
(2) the examination is performed under the supervision of an accredited insurance department; or
(3) the examination is performed with the participation of one or more examiners employed by an accredited insurance department who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their insurance department.
R590-150-5. Severability.
If any provision of this rule, Rule R590-150, or its application to any person or situation is held invalid, such invalidity does not affect any other provision or application of this rule that can be given effect without the invalid provision or application. The remainder of this rule shall be given effect without the invalid provision or application.
KEY: insurance companies
Date of Last Change: January 10, 2022
Notice of Continuation: January 31, 2022
Authorizing, and Implemented or Interpreted Law: 31A-2-203(4)
