(a)      (1)      Whenever the Commissioner considers it advisable, the Commissioner shall examine the affairs, transactions, accounts, records, and assets of each:

                  (i)      authorized insurer;

                  (ii)      management company of an authorized insurer;

                  (iii)      subsidiary owned or controlled by an authorized insurer;

                  (iv)      rating organization; or

                  (v)      authorized health maintenance organization.

            (2)      The Commissioner shall examine each domestic insurer and health maintenance organization at least once every 5 years.

      (b)      The Commissioner shall examine the affairs, transactions, accounts, records, and assets of:

            (1)      each insurer and each health maintenance organization that applies for an original certificate of authority to do business in the State; and

            (2)      each rating organization that applies for a license to do business in the State.

      (c)      When examining a reciprocal insurer, the Commissioner may examine the attorney in fact of the reciprocal insurer to the extent that the transactions of the attorney in fact relate to the reciprocal insurer.

      (d)      The Commissioner may limit the examination of an alien insurer to its insurance transactions and affairs in the United States.

      (e)      Instead of conducting an examination, the Commissioner may accept a full report, certified by the insurance supervisory official of another state, of the most recent examination of a foreign insurer or health maintenance organization, alien insurer or health maintenance organization, or an out-of-state rating organization.