(HB 1058)
Division of Insurance investigation requirements revised.
Section
1.
That
§
58-4-44
be amended to read as follows:
58-4-44.
The director may investigate any person doing insurance business. The director may
withhold from public inspection any examination or investigation report for so long as
he
the
director
deems such withholding to be necessary for the protection of the person examined
or
investigated
against unwarranted injury or to be in the public interest.
The director shall complete
any investigation in a timely manner. Any investigation not completed within twenty-four months
shall be presented to the secretary of revenue and regulation. If, after sixty days, the secretary has
not completed the investigation, the secretary shall forward the matter to the attorney general who
shall review the file and make recommendations to the secretary for the purpose of ensuring final
action is taken concerning the investigation. If the Division of Insurance has given notice of a
pending investigation to any person or legal entity, the division shall notify any such person or
legal entity that the investigation is closed or final action has been taken.
Section
2.
That
§
58-4A-16
be amended to read as follows:
58-4A-16.
The Division of Insurance shall annually report to the Legislature concerning the
activities of the insurance fraud prevention unit including the number
and
,
type
, and outcome
of
cases investigated, the
outcome of such investigations
number and type of cases that have been
pending without final action for more than twelve months
, and
the
costs and expenditures incurred
during such investigations.