3 AAC 31.415. Conduct of examination

(a) The director may conduct an examination under 3 AAC 31.410 at the business office of the viatical settlement provider, viatical settlement broker, or viatical settlement representative.

(b) Each person being examined or from whom information is sought, and that person's officers, employees, and agents shall provide to the director timely, convenient, and free access, at all reasonable hours at its office, to the books, records, accounts, papers, documents, assets, and computer files or other recordings relating to the property, assets, business, and affairs of the person being examined, and shall facilitate and aid the examination as far as it is in their power to do so, including providing to the director, at the expense of the person being examined, a copy of any document requested during the examination. The director may suspend, revoke, or refuse to issue or renew a license or authority of a person engaging in a viatical settlement transaction or other business under the jurisdiction of the director if the person or an officer, director, employee, or agent of the person refuses to submit to examination or to comply with a reasonable written request of the director.

(c) When conducting an examination under this section, the director may retain attorneys, appraisers, independent actuaries, independent certified public accounts, or other professionals and specialists as examiners, the reasonable costs of which shall be paid by the person being examined.

(d) The director may terminate or suspend an examination in order to pursue other legal or regulatory action under AS 21.

(e) The director will not appoint an examiner who has a conflict of interest with, is affiliated with the management of, or owns a pecuniary interest in a person subject to an examination. This section does not preclude an examiner from being a viator, an insured in a viaticated policy, or a beneficiary in a life insurance policy that is proposed to be viaticated.

History: Eff. 8/25/2002, Register 163

Authority: AS 21.06.090

AS 21.89.110

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