sb471_As_passed_Senate_3.html
08 LC 28 3878
Senate Bill 471
By: Senator Hudgens of the 47th

AS PASSED SENATE

A BILL TO BE ENTITLED
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.