431:14-113

Examination

[§431:14A-113] Annual accounting; dividends. (a) The company shall conduct an annual accounting of its incurred loss experience and expenses.

(b) The board may declare and apportion reasonable dividends to policyholders, determined by an actuarial opinion prepared by a qualified actuary after evaluating the impact of the dividends on the solvency of the company. The dividends may be paid or credited to policyholders according to classifications of policies established by the board.

(1) Paid or credited in a manner that unfairly discriminates between policies within the same classification;

(2) Made contingent upon payment of any renewal premium on any policy; or

(3) Paid or credited in the first three years of operation of the company. [L 1996, c 261, pt of §2]ocuments, or agreements governing its method of operation. In lieu of any such examination, the commissioner may accept the report of an examination made by the insurance supervisory official of any state, pursuant to the laws of such state.

(b) The commissioner shall furnish the organization examined a copy of the examination report not fewer than sixty days prior to the filing of the report for public inspection in the insurance division. If the organization so requests in writing during the sixty-day period, the commissioner shall hold a hearing to consider the organization’s objections to the report as proposed, and shall not file the report until after the hearing and until after any modifications in the report deemed necessary by the commissioner have been made. If the organization does not request a hearing on the report, the examination report shall be filed at the end of sixty days.

© Once filed, the report shall be available for public inspection and shall be admissible as a public record, except that the commissioner or the commissioner’s examiners may at any time testify and offer other proper evidence as to information secured during the course of an examination, regardless of whether a written report of the examination has at that time been either made, served, or filed in the insurance division. [L 1987, c 347, pt of §2; am L 1990, c 255, §12; am L 2004, c 122, §63]