HRS §431:2-301.6
Rules for who can examine insurance companies
This section says the insurance commissioner cannot appoint an examiner who has a conflict of interest or is tied to the management or finances of the company being examined. But it allows some exceptions, like being a policyholder or having a blind trust. The commissioner can also hire outside experts like actuaries or accountants even if they work for the company sometimes.
financial institutionsstate agencies
The statute, as written — Conflict of interest
(a) No examiner may be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this part. This section shall not be construed to automatically preclude an examiner from being: (1) A policyholder or claimant under an insurance policy; (2) A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business; (3) An investment owner in shares of regulated diversified investment companies; or (4) A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed. (b) Notwithstanding the requirements of this section, the commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though those persons from time to time may be similarly employed or retained by persons subject to examination under the insurance code.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.