402-M:3 Notice to Comply with Written Requirements of Commissioner; Noncompliance; Administrative Supervision. –
I. An insurer may be subject to administrative supervision by the commissioner only if the insurer gives its consent.
II. Upon receiving consent of the insurer to the terms of the supervision order, the commissioner may issue an agreed supervision order which shall provide:
(a) A statement of the commissioner's grounds for seeking a supervision order;
(b) A date certain upon which the supervision order shall expire, ending the supervision period;
(c) A written list to the insurer of the requirements to abate the order prior to its expiration date; and
(d) A statement that the insurer is under the supervision of the commissioner and that the commissioner is applying and effectuating the provisions of this chapter.
III. The commissioner may employ staff personnel, outside counsel, and other consultants as necessary for the proper conduct of the administrative supervision. All reasonable costs of such outside counsel and other consultants, including the costs attributable to the use of staff personnel, shall be borne by the insurer under administrative supervision.