Third-party consultants

(1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner's staff: (a) at the insurer's or insurance group's expense; and (b) as is reasonably necessary to assist the commissioner in reviewing the insurer's or insurance group's: (i) corporate governance annual disclosure and related information; or (ii) compliance with this chapter. (2) A person the commissioner retains under Subsection (1): (a) is under the direction and control of the commissioner; and (b) shall act in a purely advisory capacity. (3) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer or insurance group, that the third-party consultant: (a) is free of a conflict of interest; and (b) has internal procedures in place to: (i) monitor compliance with Subsection (3)(a); and (ii) comply with the confidentiality standards and requirements of this chapter.