(HB 1054)
Independent audit of insurers.
Section
1.
That chapter
58-43
be amended by adding thereto a NEW SECTION to read as
follows:
Section
2.
That
§
58-43-9
be amended to read as follows:
58-43-9.
An accountant shall be recognized as qualified as long as
he
the accountant
conforms
to the standards of
his
the
profession, as contained in the Code of Professional Ethics of the
American Institute of Certified Public Accountants and the requirements of chapter
36-20A
36-
20B
and rules promulgated pursuant to that chapter.
Section
3.
That chapter
58-43
be amended by adding thereto a NEW SECTION to read as
follows:
Section
5.
That
§
58-4-47
be amended to read as follows:
58-4-47. The division shall allow for the sharing of otherwise confidential information, administrative or judicial orders, or other action with other state , federal, and international regulatory officials if those officials are statutorily required to maintain its confidentiality. The division shall cooperate and share all information with respect to domestic companies with other state , federal, and international regulators including committees established by the National
Association of Insurance Commissioners which may be reviewing and coordinating regulatory
oversight and activities. The division shall also cooperate and share information with respect to
domestic companies subject to delinquency proceedings.
The division may receive documents,
materials, or information, including otherwise confidential and privileged documents, materials,
or information from the National Association of Insurance Commissioners, its affiliates, or
subsidiaries and from regulatory and law enforcement officials of other foreign or domestic
jurisdictions. The division shall maintain as confidential or privileged any document, material, or
information received with notice or the understanding that it is confidential or privileged under the
laws of the jurisdiction that is the source of the document, material, or information. The director
may use the documents, materials, or other information in the furtherance of any regulatory
function or legal action brought as a part of the director's duties.