(a) General description. 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 ascertained from the testimony of its officers or agents or other persons examined concerning its affairs, and such conclusions and recommendations as the examiners find reasonably warranted from the facts.
(b) Filing of examination report. Not later than 60 days following completion of the examination, the examiner in charge shall file with the Division, a verified written report of examination under oath. Upon receipt of the verified report, the Division shall transmit the report to the company examined, together with a notice which shall afford the company examined a reasonable opportunity of not more than 30 days to make a written submission or rebuttal with respect to any matters contained in the examination report.
(c) Adoption of report on examination. Within 30 days of the end of the period allowed for the receipt of written submissions or rebuttals, the Commissioner shall fully consider and review the report, together with any written submissions or rebuttals and any relevant portions of the examiner's workpapers and enter an order:(1) Adopting the examination report as filed or with modification or corrections. If the examination report reveals that the company is operating in violation of any law, regulation or prior order of the Commissioner, the Commissioner may order the company to take any action the Commissioner considers necessary and appropriate to cure such violation; or(2) Rejecting the examination report with directions to the examiners to reopen the examination for purposes of obtaining additional information, and refiling pursuant to subsection (b) of this section; or(3) Calling for an investigatory hearing with not less than 20 days notice to the company for purposes of obtaining additional documentation, data, information and testimony.
(1) Adopting the examination report as filed or with modification or corrections. If the examination report reveals that the company is operating in violation of any law, regulation or prior order of the Commissioner, the Commissioner may order the company to take any action the Commissioner considers necessary and appropriate to cure such violation; or
(2) Rejecting the examination report with directions to the examiners to reopen the examination for purposes of obtaining additional information, and refiling pursuant to subsection (b) of this section; or
(3) Calling for an investigatory hearing with not less than 20 days notice to the company for purposes of obtaining additional documentation, data, information and testimony.
(d) Orders and procedures. (1) All orders entered pursuant to subsection (c)(1) of this section shall be accompanied by findings and conclusions resulting from the Commissioner's consideration and review of the examination report, relevant examiner work papers and any written submissions or rebuttals. Any such order shall be considered a final administrative decision and may be appealed pursuant to chapter 7, section 160 of this title, and shall be served upon the company by certified mail, together with a copy of the adopted examination report. Within 30 days of the issuance of the adopted report, the company shall file affidavits executed by each of its directors stating under oath that they have received a copy of the adopted report and related orders.(2) Any hearing conducted under subsection (c)(3) of this section by the Commissioner, or his designee, shall be conducted as a nonadversarial, confidential investigatory proceeding as necessary for the resolution of any inconsistencies, discrepancies or disputed issues apparent upon the face of the filed examination report or raised by, or as a result of, the Commissioner's review of relevant work papers or by the written submission or rebuttal of the company. Within 20 days of the conclusion of any such hearing, the Commissioner shall enter an order pursuant to subsection (c)(1) of this section.(A) The Commissioner shall not appoint an examiner as an authorized representative to conduct the hearing. The hearing shall proceed expeditiously with discovery by the company limited to the examiner's workpapers which tend to substantiate any assertions set forth in any written submission or rebuttal. The Commissioner, or his designee, may issue subpoenas for the attendance of any witness or for the production of any documents deemed relevant to the investigation, whether under the control of the Division, the company or other persons. The documents produced shall be included in the record and testimony taken by the Commissioner, or his representative, and shall be under oath and preserved for the record.Nothing contained in this section shall require the Division to disclose any information or records which would indicate or show the existence or content of any investigation or activity of a law enforcement agency.(B) The hearing shall proceed with the Commissioner or his designee posing questions to the persons subpoenaed. Thereafter, the company and the Division may present testimony relevant to the investigation. Cross examination shall be conducted only by the Commissioner or his designee. The company and the Division shall be permitted to make closing statements and may be represented by counsel of their choice.
(1) All orders entered pursuant to subsection (c)(1) of this section shall be accompanied by findings and conclusions resulting from the Commissioner's consideration and review of the examination report, relevant examiner work papers and any written submissions or rebuttals. Any such order shall be considered a final administrative decision and may be appealed pursuant to chapter 7, section 160 of this title, and shall be served upon the company by certified mail, together with a copy of the adopted examination report. Within 30 days of the issuance of the adopted report, the company shall file affidavits executed by each of its directors stating under oath that they have received a copy of the adopted report and related orders.
(2) Any hearing conducted under subsection (c)(3) of this section by the Commissioner, or his designee, shall be conducted as a nonadversarial, confidential investigatory proceeding as necessary for the resolution of any inconsistencies, discrepancies or disputed issues apparent upon the face of the filed examination report or raised by, or as a result of, the Commissioner's review of relevant work papers or by the written submission or rebuttal of the company. Within 20 days of the conclusion of any such hearing, the Commissioner shall enter an order pursuant to subsection (c)(1) of this section.(A) The Commissioner shall not appoint an examiner as an authorized representative to conduct the hearing. The hearing shall proceed expeditiously with discovery by the company limited to the examiner's workpapers which tend to substantiate any assertions set forth in any written submission or rebuttal. The Commissioner, or his designee, may issue subpoenas for the attendance of any witness or for the production of any documents deemed relevant to the investigation, whether under the control of the Division, the company or other persons. The documents produced shall be included in the record and testimony taken by the Commissioner, or his representative, and shall be under oath and preserved for the record.Nothing contained in this section shall require the Division to disclose any information or records which would indicate or show the existence or content of any investigation or activity of a law enforcement agency.(B) The hearing shall proceed with the Commissioner or his designee posing questions to the persons subpoenaed. Thereafter, the company and the Division may present testimony relevant to the investigation. Cross examination shall be conducted only by the Commissioner or his designee. The company and the Division shall be permitted to make closing statements and may be represented by counsel of their choice.
(A) The Commissioner shall not appoint an examiner as an authorized representative to conduct the hearing. The hearing shall proceed expeditiously with discovery by the company limited to the examiner's workpapers which tend to substantiate any assertions set forth in any written submission or rebuttal. The Commissioner, or his designee, may issue subpoenas for the attendance of any witness or for the production of any documents deemed relevant to the investigation, whether under the control of the Division, the company or other persons. The documents produced shall be included in the record and testimony taken by the Commissioner, or his representative, and shall be under oath and preserved for the record.
Nothing contained in this section shall require the Division to disclose any information or records which would indicate or show the existence or content of any investigation or activity of a law enforcement agency.
(B) The hearing shall proceed with the Commissioner or his designee posing questions to the persons subpoenaed. Thereafter, the company and the Division may present testimony relevant to the investigation. Cross examination shall be conducted only by the Commissioner or his designee. The company and the Division shall be permitted to make closing statements and may be represented by counsel of their choice.
(e) Publication and use. (1) Upon the adoption of the examination report under subsection (c)(1) of this section, the Commissioner shall continue to hold the content of the examination as private and confidential information for a period of 30 days except to the extent provided in subsection (b) of this section. Thereafter, the Commissioner may open the report for public inspection so long as no court of competent jurisdiction has stayed its publication.(2) Nothing contained in this code shall prevent or be construed as prohibiting the Commissioner from disclosing the content of an examination report, preliminary examination report, or any matter relating thereto, to the insurance department of any other state or country, or to law enforcement officials of the territory or any other state or agency of the federal government at any time, so long as such agency or office receiving the report or matters relating thereto agrees in writing to hold it confidential and in a manner consistent with this chapter.(3) In the event the Commissioner determines that regulatory action is appropriate as a result of any examination, he may initiate any proceedings or actions as provided by law.
(1) Upon the adoption of the examination report under subsection (c)(1) of this section, the Commissioner shall continue to hold the content of the examination as private and confidential information for a period of 30 days except to the extent provided in subsection (b) of this section. Thereafter, the Commissioner may open the report for public inspection so long as no court of competent jurisdiction has stayed its publication.
(2) Nothing contained in this code shall prevent or be construed as prohibiting the Commissioner from disclosing the content of an examination report, preliminary examination report, or any matter relating thereto, to the insurance department of any other state or country, or to law enforcement officials of the territory or any other state or agency of the federal government at any time, so long as such agency or office receiving the report or matters relating thereto agrees in writing to hold it confidential and in a manner consistent with this chapter.
(3) In the event the Commissioner determines that regulatory action is appropriate as a result of any examination, he may initiate any proceedings or actions as provided by law.
(f) Privilege for, and confidentiality of ancillary information. (1) (A) Except as provided in subsection (e) above and in this subsection, documents, materials or other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in the course of an examination made under this chapter, or in the course of analysis by the Commissioner of the financial condition or market conduct of a company shall be confidential by law and privileged, shall not be subject to inspection by the public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. The Commissioner is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as part of the Commissioner’s official duties.(B) Documents, materials or other information, including, but not limited to, all working papers, and copies thereof, in the possession or control of the National Association of Insurance Commissioners and its affiliates and subsidiaries shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action if they are:(i) Created, produced or obtained by or disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries in the course of an examination made under this chapter, or assisting a commissioner in the analysis of the financial condition or market conduct of a company; or(ii) Disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries under paragraph (3) of this subsection by a commissioner.(C) For the purposes of paragraph 1(B), “chapter” includes the law of another state or jurisdiction that is substantially similar to this chapter.(2) Neither the Commissioner nor any person who received the documents, materials or other information while acting under the authority of the Commissioner, including the National Association of Insurance Commissioners and its affiliates and subsidiaries, shall be permitted to testify in any private civil action concerning any confidential documents, materials or information subject to paragraph (1).(3) In order to assist in the performance of the Commissioner’s duties, the Commissioner:(A) May share documents, materials or other information, including the confidential and privileged documents, materials or information subject to paragraph (1), with other state, federal and international regulatory agencies, with the National Association of Insurance Commissioners and its affiliates and subsidiaries, and with state, federal and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, communication or other information;(B) May receive documents, materials, communications or information, including otherwise confidential and privileged documents, materials or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information; and(C) May enter into agreements governing sharing and use of information consistent with this subsection.(4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in paragraph (3).(5) A privilege established under the law of any state or jurisdiction that is substantially similar to the privilege established under this subsection shall be available and enforced in any proceeding in, and in any court of, this Territory.(6) In this subsection “department,” “insurance department,” “law enforcement agency,” “regulatory agency,” and the “National Association of Insurance Commissioners” include, but are not limited to, their employees, agents, consultants and contractors.
(1) (A) Except as provided in subsection (e) above and in this subsection, documents, materials or other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in the course of an examination made under this chapter, or in the course of analysis by the Commissioner of the financial condition or market conduct of a company shall be confidential by law and privileged, shall not be subject to inspection by the public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. The Commissioner is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as part of the Commissioner’s official duties.(B) Documents, materials or other information, including, but not limited to, all working papers, and copies thereof, in the possession or control of the National Association of Insurance Commissioners and its affiliates and subsidiaries shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action if they are:(i) Created, produced or obtained by or disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries in the course of an examination made under this chapter, or assisting a commissioner in the analysis of the financial condition or market conduct of a company; or(ii) Disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries under paragraph (3) of this subsection by a commissioner.(C) For the purposes of paragraph 1(B), “chapter” includes the law of another state or jurisdiction that is substantially similar to this chapter.
(A) Except as provided in subsection (e) above and in this subsection, documents, materials or other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in the course of an examination made under this chapter, or in the course of analysis by the Commissioner of the financial condition or market conduct of a company shall be confidential by law and privileged, shall not be subject to inspection by the public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. The Commissioner is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as part of the Commissioner’s official duties.
(B) Documents, materials or other information, including, but not limited to, all working papers, and copies thereof, in the possession or control of the National Association of Insurance Commissioners and its affiliates and subsidiaries shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action if they are:(i) Created, produced or obtained by or disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries in the course of an examination made under this chapter, or assisting a commissioner in the analysis of the financial condition or market conduct of a company; or(ii) Disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries under paragraph (3) of this subsection by a commissioner.
(i) Created, produced or obtained by or disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries in the course of an examination made under this chapter, or assisting a commissioner in the analysis of the financial condition or market conduct of a company; or
(ii) Disclosed to the National Association of Insurance Commissioners and its affiliates and subsidiaries under paragraph (3) of this subsection by a commissioner.
(C) For the purposes of paragraph 1(B), “chapter” includes the law of another state or jurisdiction that is substantially similar to this chapter.
(2) Neither the Commissioner nor any person who received the documents, materials or other information while acting under the authority of the Commissioner, including the National Association of Insurance Commissioners and its affiliates and subsidiaries, shall be permitted to testify in any private civil action concerning any confidential documents, materials or information subject to paragraph (1).
(3) In order to assist in the performance of the Commissioner’s duties, the Commissioner:(A) May share documents, materials or other information, including the confidential and privileged documents, materials or information subject to paragraph (1), with other state, federal and international regulatory agencies, with the National Association of Insurance Commissioners and its affiliates and subsidiaries, and with state, federal and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, communication or other information;(B) May receive documents, materials, communications or information, including otherwise confidential and privileged documents, materials or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information; and(C) May enter into agreements governing sharing and use of information consistent with this subsection.
(A) May share documents, materials or other information, including the confidential and privileged documents, materials or information subject to paragraph (1), with other state, federal and international regulatory agencies, with the National Association of Insurance Commissioners and its affiliates and subsidiaries, and with state, federal and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, communication or other information;
(B) May receive documents, materials, communications or information, including otherwise confidential and privileged documents, materials or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information; and
(C) May enter into agreements governing sharing and use of information consistent with this subsection.
(4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in paragraph (3).
(5) A privilege established under the law of any state or jurisdiction that is substantially similar to the privilege established under this subsection shall be available and enforced in any proceeding in, and in any court of, this Territory.
(6) In this subsection “department,” “insurance department,” “law enforcement agency,” “regulatory agency,” and the “National Association of Insurance Commissioners” include, but are not limited to, their employees, agents, consultants and contractors.