§ 507.3

507.3 Conduct of examinations. 1. Upon determining that an examination should be conducted, the commissioner or the commissioner’s designee may appoint one or more examiners to perform the examinationand instruct them as to the scope of the examination. In conducting the examination, theexaminer shall observe those guidelines and procedures set forth in the examiners’ handbookadopted by the national association of insurance commissioners. The commissioner may alsoemploy other guidelines as the commissioner deems appropriate. 2. A company or person from whom information is sought and its officers, directors, and agents shall provide to the examiners appointed under subsection 1, timely, convenient,and free access at all reasonable hours at its offices to all books, records, accounts, papers,documents, and any or all computer or other recordings relating to the property, assets,business, and affairs of the company being examined. The officers, directors, employees, andagents of the company or person shall facilitate the examination and aid in the examinationso far as it is in their power to do so.

the company being examined. The officers, directors, employees, andagents of the company or person shall facilitate the examination and aid in the examinationso far as it is in their power to do so. The refusal of any company, by its officers, directors,employees, or agents, to submit to examinations or to comply with any reasonable writtenrequest of the examiners is grounds for suspension or revocation of, or nonrenewal of, anylicense or authority held by the company to engage in the business of insurance or otherbusiness subject to the commissioner’s jurisdiction. Should a company decline or refuse tosubmit to an examination as provided in this chapter, the commissioner shall immediatelyrevoke its certificate of authority, and if the company is organized under the laws of thisstate, the commissioner shall report the commissioner’s action to the attorney general, whoshall immediately apply to the district court for the appointment of a receiver to administerthe final affairs of the company. 3. The commissioner or any of the commissioner’s examiners may issue subpoenas, administer oaths, and examine under oath any person as to any matter pertinent to theexamination.

fairs of the company. 3. The commissioner or any of the commissioner’s examiners may issue subpoenas, administer oaths, and examine under oath any person as to any matter pertinent to theexamination. Upon the failure or refusal of any person to obey a subpoena, the commissionermay petition a court of competent jurisdiction, and upon proper showing, the court mayenter an order compelling the witness to appear and testify or produce documentaryevidence. Failure to obey the court order is punishable as contempt of court. 4. When making an examination under this chapter, the commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, orother professionals and specialists as examiners, the reasonable cost of which shall be borneby the company which is the subject of the examination. 5. This chapter does not limit the commissioner’s authority to terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the insurancelaws of this state. Findings of fact and conclusions made pursuant to any examination aredeemed to be prima facie evidence in any legal or regulatory action.

egulatory action pursuant to the insurancelaws of this state. Findings of fact and conclusions made pursuant to any examination aredeemed to be prima facie evidence in any legal or regulatory action. [S13, §1821-b; C24, 27, 31, 35, 39, §8627; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §507.3] 92 Acts, ch 1117, §3; 97 Acts, ch 186, §2 Sat Dec 23 00:38:59 2023 Iowa Code 2024, Section 507.3 (17, 1)