(1) All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company and its agents or other persons examined or as ascertained from the testimony of its officers or agents or other persons examined concerning its affairs and such conclusions and recommendations as the examiners find reasonably warranted from the facts.

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(2) No later than forty-five days following completion of the examination, the examiner in charge shall submit to the department a verified written report of examination under oath. Upon receipt of the verified report, the department shall transmit the report to the company examined, together with a notice which shall afford the company examined a reasonable opportunity of not more than thirty days to make a written submission or rebuttal with respect to any matters contained in the examination report.

(3) Within thirty days of the end of the period allowed for the receipt of written submissions or rebuttals, the director shall fully consider and review the report, together with any written submissions or rebuttals and any relevant portions of the examiner’s workpapers, and shall:

(a) Adopt the examination report as submitted or with modification or corrections. If the examination report reveals that the company is operating in violation of any law, rule, regulation, or prior order of the director, the director may order the company to take any action the director considers necessary and appropriate to cure such violation; or

(b) Reject the examination report with directions to the examiners to reopen the examination for purposes of obtaining additional data, documentation, or information and to resubmit a report pursuant to subsection (2) of this section.

(4) Any company aggrieved by any action of the director pursuant to subsection (3) of this section may, within ten days of such action, make written request to the director for a hearing. Upon receipt of the company’s request for a hearing, the director shall provide notice of the hearing no less than ten nor more than thirty days after the date of the company’s request. The notice shall identify the subject of the hearing and the specific issues.

(5) Any hearing on an examination report shall be held at such time and place as designated in the notice. A hearing may be adjourned from time to time without other or further notice than the announcement thereof at such hearing. The director shall not appoint an examiner to conduct the hearing. The hearing officer shall have power to administer oaths, examine and cross-examine witnesses, and receive documentary evidence. A full stenographic record may be made at the hearing of all testimony of witnesses and rulings by the hearing officer. Upon written request, a copy of the transcript of such record, if any, shall be furnished to the company at its expense. Any witness or party affected by the hearing shall be permitted to review a transcript of the record at the office of the department. Every person affected shall be allowed to be present and represented by counsel during the giving of all the testimony and shall be allowed a reasonable opportunity to inspect all adverse documentary proof, to examine and cross-examine witnesses, and to present proof in support of his or her interest. Nothing contained in this section shall require the observance at any such hearing of formal rules of pleading or evidence. Within twenty days of the conclusion of the hearing, the director shall enter an order, which may be appealed. The appeal shall be in accordance with the Administrative Procedure Act.

(6) The examination report, with any modifications and corrections thereof, shall be accepted by the director and filed for public inspection immediately after the expiration of the times specified in subsection (4) of this section in the event that the company has not requested a hearing. Within thirty days of the filing of such report for public inspection, the company shall file affidavits executed by each of its directors stating under oath that they have received a copy of the report and related orders.

(7) Nothing in the Insurers Examination Act shall prevent or be construed as prohibiting the director from disclosing the contents of an examination report, a preliminary examination report, or any results, or any matter relating thereto, to the National Association of Insurance Commissioners and its affiliates and subsidiaries and to state, federal, foreign, and international regulatory and law enforcement agencies if the recipient agrees in writing to maintain the confidentiality of the information.

(8)(a) Except as set forth in subsection (7) of this section and in this subsection, workpapers, recorded information, documents, and copies of workpapers, recorded information, and documents produced by, obtained by, or disclosed to the director or any other person, including the National Association of Insurance Commissioners and its affiliates and subsidiaries, in the course of an examination conducted under the act shall be given confidential treatment and shall not be subject to subpoena and may not be made public by the director or any other person, except to the extent provided in subsection (7) of this section, and shall not be public records subject to disclosure pursuant to sections 84-712 to 84-712.09. Such workpapers, recorded information, documents, and copies may be provided to other state, federal, foreign, and international regulatory and law enforcement agencies, and the National Association of Insurance Commissioners and its affiliates and subsidiaries if the recipient agrees in writing to maintain the confidentiality of the workpapers, recorded information, documents, and copies.

(b) The director may receive such workpapers, recorded information, documents, and copies from other state, federal, foreign, or international regulatory and law enforcement agencies and from the National Association of Insurance Commissioners and its affiliates and subsidiaries. The director shall maintain as confidential or privileged information received pursuant to this subdivision if received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the information. Such information shall not be a public record subject to disclosure by the director pursuant to sections 84-712 to 84-712.09, subject to subpoena, subject to discovery, or admissible in evidence in any private civil action, except that the director may use such information in any regulatory or legal action brought by the director. The director, and any other person while acting under the authority of the director who has received information pursuant to this subdivision, may not, and shall not be required to, testify in any private civil action concerning any information subject to this section. Nothing in this section shall constitute a waiver of any applicable privilege or claim of confidentiality in the information received pursuant to this subdivision as a result of information sharing authorized by this section.