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215 ILCS 5/132.3
(215 ILCS 5/132.3) (from Ch. 73, par. 744.3)
Sec. 132.3.
Authority, scope, and scheduling of examinations.
(a) The Director or any of his examiners may conduct an examination of
any company as often as the Director, in his sole discretion, deems
appropriate, but shall, at a minimum, conduct an examination of every
insurer authorized or licensed in this State not less frequently than once
every 5 years. In scheduling and determining the nature, scope, and
frequency of the examinations, the Director shall consider the results of
financial statement analyses and ratios, changes in management or
ownership, actuarial opinions, reports of independent certified public
accountants and other criteria set forth in the Examiners' Handbook adopted
by the National Association of Insurance Commissioners and in effect when
the Director exercises discretion under this subsection.
(b) For purposes of completing an examination of any company, the
Director may examine or investigate any person, or the business of any
person, insofar as the examination or investigation is, in the sole
discretion of the Director, necessary or material to the examination of the
company.
(c) In lieu of an examination of any foreign or alien insurer authorized
or licensed in this
State, the Director may accept an examination report on the company as
prepared by the insurance department for the company's state of domicile or
port-of-entry state until January 1, 1994. Thereafter, those reports may
only be accepted if (1) the insurance department 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 with the participation of one or more examiners
who are employed by an accredited state insurance department, and 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, or (3) the
Director otherwise determines that the examination was performed in a manner
substantially similar to the standards and procedures required by Sections
132.1 through 132.6 of this Code.
(Source: P.A. 89-97, eff. 7-7-95.)
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