The director may retain, at the insurer’s expense, any third-party consultant, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director’s staff as may be reasonably necessary to assist the director in reviewing the corporate governance annual disclosure and related information or the insurer’s compliance with the provisions of §§ 58-5-161 to 58-5-171, inclusive. Any person retained shall be under the direction and control of the director and shall act in an advisory capacity. The National Association of Insurance Commissioners and third-party consultants is subject to the same confidentiality standards and requirements as the director. As part of the retention process, a third-party consultant shall verify to the director, with notice to the insurer, that the third-party consultant is free of a conflict of interest and that the consultant has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of §§ 58-5-161 to 58-5-171, inclusive.

Source: SL 2020, ch 212, § 10.