Rule 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.Ga. Comp. R. & Regs. R. 120-2-34-.14
Ga. L. 1960, pp. 289, 305; Ga. L. 1981, pp. 1759, 1778; O.C.G.A. Secs. 33-2-9, 34-9-172, 34-9-174.
Original Rule entitled "Administrator's Bond and Insurance" was filed on March 16, 1982; effective April 15, 1982, by Order of the Insurance Commissioner.Repealed: New Rule of same title adopted. F. May 9, 1990; eff. June 15, 1990, as specified by the Agency.Repealed: New Rule entitled "Books and Records: Examination" adopted. F. Nov. 4, 1997; eff. Nov. 24, 1997.