(a) The commissioner may examine any insurer, advisory organization, rate service organization, pool or residual market mechanism to ascertain compliance with this part.

Terms Used In Tennessee Code 56-5-115

  • Advisory organization: means any person or organization, other than a rate service organization, that assists insurers as authorized by §. See Tennessee Code 56-5-102
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-5-102
  • Pool: means a voluntary arrangement other than a residual market mechanism, established on an ongoing basis, pursuant to which two (2) or more insurers participate in the sharing of risks on a predetermined basis. See Tennessee Code 56-5-102
  • Rate: includes advisory prospective loss costs. See Tennessee Code 56-5-102
  • Rate service organization: means any person or organization that assists insurers in ratemaking or filing as authorized by §. See Tennessee Code 56-5-102
  • Residual market mechanism: means an arrangement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods. See Tennessee Code 56-5-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) Every insurer, advisory organization, rate service organization, pool and residual market mechanism shall maintain records of the type and kind reasonably adapted to its method of operation. The records shall contain the experience, data, statistics and other information collected or used by it in its activities. These records shall be available for examination or inspection by the commissioner at any time upon reasonable notice.
(c) The cost of an examination made pursuant to this section shall be paid by the examined party in the same manner as provided by § 56-1-413.
(d) The commissioner may accept the report of an examination made by the insurance supervisory official of another state in lieu of an examination under this section.
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