How often must the Office of Insurance Regulation conduct a financial examination of insurers?

The Office of Insurance Regulation is mandated to conduct a financial examination of insurers at least once every five years. This regular examination is critical for ensuring the financial stability and solvency of insurance companies operating within the state. The examination helps to assess whether insurers are operating in compliance with the relevant laws and regulations. By conducting these evaluations every five years, regulators can monitor the health of the insurance market and protect policyholders by ensuring that insurers maintain adequate reserves and are financially capable of meeting their obligations. This timeframe also allows sufficient time to pass to track the financial performance and stability of the insurers effectively.