Ga. Comp. R. & Regs. R. 120-2-34-.14 - Books and Records: Examination
(1) The Commissioner or his representative
may, either before granting a Certificate of Authority or at any time
thereafter, at least once every five (5) years, examine the Fund. The
examination will include all affairs that relate to the business of operating a
Fund. All fund-related accounts, books, publications, records and vouchers
shall be held for a term of at least five (5) years and maintained at the
principal address shown on its Certificate of Authority. All materials
pertaining to an active claim for which benefits are being paid shall be
maintained until the claim is settled or otherwise terminated and then held for
one year after the file is closed or until such file has been subject to an
Insurance Department examination, whichever period is longer.
(2) The Commissioner or his representative
shall have free access to all fund-related accounts, records, books,
publications and vouchers. The administrators, officers, trustees, employees
and representatives of the Fund shall aid the Commissioner or his
representative, as far as it is in their power, in making the
examination.
(3) If, at any time,
the Commissioner finds the records or accounts to be inadequate or incorrectly
kept or posted, he may employ experts to rewrite, post or balance such records
at the expense of the Fund being examined if the Fund has failed to correct
such records or accounts within sixty (60) days after the Commissioner has
given it notice to do so.
(4) The
costs of any examination performed by the Commissioner, or his designated
representative under this section, shall be borne by the Fund being examined,
in accordance with O.C.G.A. §
33-2-15.
(5) The examination report shall be processed
in accordance with O.C.G.A. §
33-2-14.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.