LD 1907
pg. 17
Page 16 of 38 An Act To Govern and Regulate Life Settlements Page 18 of 38
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LR 2724
Item 1

 
person shall facilitate the examination and aid in the
examination insofar as it is in their power to do so.__The
refusal of a licensee, by its officers, directors, employees
or agents, to submit to examination or to comply with any
reasonable written request of the superintendent is grounds
for suspension or refusal of, or nonrenewal of, any license or
authority held by the licensee to engage in the business of
settlements or other business subject to the superintendent's
jurisdiction.__Any proceedings for suspension, revocation or
refusal of any license or authority must be conducted pursuant
to Title 5, chapter 375, subchapter 4.

 
C.__The superintendent has the power to issue subpoenas, to
administer oaths and to examine under oath any person as to
any matter pertinent to the examination.__Upon the failure
or refusal of a person to obey a subpoena, the
superintendent may petition a court of competent
jurisdiction and, upon proper showing, the court may enter
an order compelling the witness to appear and testify or
produce documentary evidence.__Failure to obey the court
order is punishable as contempt of court.

 
D.__When making an examination under this chapter, the
superintendent may retain attorneys, appraisers, independent
actuaries, independent certified public accountants or other
professionals or specialists as examiners, the reasonable
cost of which must be borne by the licensee that is the
subject of the examination.

 
E.__ This chapter may not be construed to limit the
superintendent's authority to terminate or suspend an
examination in order to pursue other legal or regulatory
action pursuant to the insurance laws of this State.__
Findings of fact and conclusions made pursuant to any
examination are prima facie evidence in any legal or
regulatory action.

 
F.__This chapter may not be construed to limit the
superintendent's authority to use and, if appropriate, to
make public any final or preliminary examination report, any
examiner or licensee workpapers or other documents or any
other information discovered or developed during the course
of any examination in the furtherance of any legal or
regulatory action that the superintendent may, in the
superintendent's sole discretion, consider appropriate.

 
6.__Examination reports. Examination reports may be composed
only of facts appearing upon the books, records or other
documents of the licensee or its agents or other persons examined


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