(215 ILCS 5/132.4) (from Ch. 73, par. 744.4)
Sec. 132.4.
Conduct of examinations.
(a) Upon determining that an examination should be conducted, the
Director or his designee shall issue an examination warrant appointing one
or more examiners to perform the examination and instructing 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 Director may also employ other
guidelines or procedures as the Director may deem appropriate.
(b) Every company or person from whom information is sought and its
officers, directors, and agents must provide to the examiners appointed
under subsection (a) 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 must facilitate
the examination and aid in the examination so far as it is in their power
to do so. The refusal of any company or its officers, directors,
employees, and agents to submit to examination or to comply with any
reasonable written request of the examiners shall be grounds for
suspension, refusal, or nonrenewal of any license or authority held by
the company to engage in an insurance or other business subject to the
Director's jurisdiction. Any proceedings for suspension, revocation, or
refusal of any license or authority shall be conducted under the procedures
set forth in Section 401.1 of this Code. Evidence of refusal to submit to
examination or to comply with reasonable written requests of examiners
shall establish a rebuttable presumption that the conduct of the company's
business and affairs is hazardous to its policyholders and the public
and may cause irreparable loss and injury to others so long as the refusal
to submit or to comply with the examination continues.
(c) The Director or any of his examiners shall have the power to issue
subpoenas, to administer oaths, and to examine under oath any person as to
any matter pertinent to the examination. Subpoenas may be enforced under
the provisions of Section 403 of this Code.
(d) When making an examination, the Director may retain, in consultation
with the company being examined, attorneys,
appraisers, independent actuaries, independent certified public
accountants, or other professionals and specialists as examiners, the cost
of which shall be borne by the company that is the subject of the examination.
(e) Nothing contained in this Act shall be construed to limit the
Director's authority to terminate or suspend any examination in order to
pursue other legal or regulatory action under the insurance laws of this
State. Findings of fact and conclusions made in the course of any
examination shall be prima facie evidence in any legal or regulatory action.
(f) Nothing contained in this Code shall be construed to limit the
Director's authority to use and, if appropriate, to make public any final
or preliminary examination report, any examiner or company work papers or
other documents, or any other information discovered or developed during
the course of any examination in the furtherance of any legal or regulatory
action that the Director may, in his sole discretion, deem appropriate.
(Source: P.A. 87-108.)
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