08 LC 28
3878
Senate
Bill 471
By:
Senator Hudgens of the 47th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 2 of Title 33 of the Official Code of Georgia Annotated, relating
to the Department and Commissioner of Insurance generally, so as to provide for
regulator financial examinations of domestic insurers every five years; to
provide for the confidentiality of examination work papers; to provide for the
immunity from liability for a contracted examiner to be the same as that of an
employee of the state conducting the same state functions; to provide for
related matters; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
2 of Title 33 of the Official Code of Georgia Annotated, relating to the
Department and Commissioner of Insurance generally, is amended by revising
subsection (a) of Code Section 33-2-11, relating to examination of insurers and
organizations, as follows:
"(a)
Whenever the Commissioner shall deem it expedient,
he
the
Commissioner shall examine, either in
person or by some examiner duly authorized by
him
the
Commissioner, the affairs, transactions,
accounts, records, documents, and assets of each insurer authorized to do
business in this state and any other facts relative to its business methods,
management, and dealings with policyholders. At least once every
three
five
years,
he
the
Commissioner shall so examine each
domestic insurer. Examination of an alien insurer shall be limited to its
insurance transactions in the United States."
SECTION
2.
Said
chapter is further amended by revising subsection (g) of Code Section 33-2-14,
relating to preparation of written reports of examinations generally, as
follows:
"(g)
Notwithstanding the provisions of Article 4 of Chapter 18 of Title 50, relating
to the inspection of public records, all work papers, recorded information,
and
documents,
and
copies received from another
state,
and any other
materials created, produced, or obtained by
or disclosed to the Commissioner or any
other person in the course of an examination made under this chapter must be
given confidential treatment and are not subject to subpoena and may not be made
public by the Commissioner or any other person. Access may be granted to
authorized representatives of the National Association of Insurance
Commissioners. Such representatives must agree in writing prior to receiving
the information to treat such information confidentially as required by this
Code section, unless the prior written consent of the company to which it
pertains has been obtained."
SECTION
3.
Said
chapter is further amended by revising Code Section 33-2-15, relating to payment
of expenses of examinations, as follows:
"33-2-15.
(a)
At the direction of the Commissioner, the insurer or other person so examined
shall pay all the actual travel and living expenses of the examination. When
the examination is made by an examiner who is not a regular employee of the
department, the person examined shall pay the proper charges for the services of
the examiner and his
or
her assistants and the actual travel and
living expenses incurred by such examiners and assistants in an amount approved
by the Commissioner. A consolidated account for the examination shall be filed
by the examiner with the Commissioner. No person shall pay and no examiner
shall accept any additional emolument on account of any examination. When the
examination is conducted in whole or in part by regular salaried employees of
the department, payment for such services and proper expenses shall be made by
the person examined to the Commissioner, and such payment shall be deposited in
the state treasury; provided, however, that, when an agent, broker, solicitor,
counselor, or adjuster is examined because of a complaint filed against such
agent, broker, solicitor, counselor, or adjuster and when the Commissioner finds
that the complaint was not justified, the expenses of the examination shall not
be assessed against the agent, broker, solicitor, counselor, or adjuster but
shall be borne by the department.
(b)
An examiner or other person appointed or authorized by the Commissioner, while
participating in an examination conducted under this chapter, shall enjoy the
same immunities as those of a regular employee of the department under similar
circumstances."
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.