Section R20-6-1704. Examination Reports

A.      All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents or other persons examined, or as ascer- tained from the testimony of its officers or agents or other per- sons examined concerning its affairs, and such conclusions and recommendations as the examiners find warranted from the facts.

B.       No later than 60 days following completion of the examina- tion, the examiner in charge shall submit to the Department a verified written report of examination under oath. Upon receipt of the verified report, the Department shall transmit the report to the company examined, together with a notice which shall afford the company examined a reasonable opportunity of not less than 10 days nor more than 30 days to make a writ- ten submission or rebuttal with respect to any matters con- tained in the examination report.

C.      Within 30 days after the end of the period allowed for the receipt of written submissions or rebuttals, the Director shall fully consider and review the report, together with any written submissions or rebuttals and any relevant portions of the examiner’s workpapers and shall:

1.        File the examination report as submitted or with modifi- cation or corrections. If the examination report reveals that the company is operating in violation of any law, reg- ulation or prior order of the Director, the Director may order the company to take any action necessary and appropriate to cure such violation; or

2.        Reject the examination report with directions to the examiners to reopen the examination for purposes of obtaining additional data, documentation or information, and resubmission pursuant to subsection (B).

Historical Note

Adopted effective February 22, 1993 (Supp. 93-1). R20-

6-1704 recodified from R4-14-1704 (Supp. 95-1).