§ 12-424. Examinations

   (a) On-site examinations. -- The Commissioner may conduct an on-site examination of a licensee or authorized delegate with not less than 7 business days prior notice.

(b) On-site examinations -- Without notice. -- With good cause, the Commissioner may conduct an on-site examination of a licensee or authorized delegate with no prior notice.

(c) Costs. -- The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per-day fee set by the Commissioner for each of the Commissioner's employees engaged in the examination.

(d) Examination made in conjunction with representative from other states. -- The on-site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.

(e) Report in lieu of on-site examination. --

   (1) The Commissioner, in lieu of an on-site examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.

   (2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.

(f) Extent. -- The Commissioner may:

   (1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and

   (2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.

HISTORY: 2002, ch. 539; 2012, ch. 78.