New Jersey § 17:12b-172

§ 17:12b-172.

Every State association and every out-of-State association with a branch office in

this State shall be subject to the examination, inspection and supervision of the

department. When deemed advisable, the examiner shall verify the liabilities of the State association

to its members by an inspection and verification of their accounts. The commissioner shall promptly communicate the result of every examination to the

president of the State association examined, who shall present the same to the board

at the next regular meeting, or a special meeting, if deemed advisable, or if so directed

by the commissioner. The action taken thereon by the board shall thereupon be promptly communicated by

the president to the commissioner. Every report and copy of a report of examination of a State association and out-of-State

association made by or under the supervision of the commissioner, shall be confidential,

and shall not be made public by any officer, director or employee of a State association

or out-of-State association, and shall not be subject to subpoena or to admission

into evidence in any action or proceeding in any court, except pursuant to an order

of the court made upon notice to the commissioner an opportunity to advise the court

of reasons for excluding from evidence such report or any portion thereof. The court shall order the issuance of a subpoena for the production or admission

into evidence of any such report or portion thereof, only if it is satisfied that

(1) it is material and relevant to the issues in the proceedings, and (2) the ends

of justice and public advantage will be subserved thereby. This section shall not apply to any action or proceeding instituted by the commissioner

or Attorney General pursuant to any law of this State. For State associations or out-of-State associations with branch offices in this State

and also in one or more other states, the commissioner may contract with the state

regulator in the other state or states where branch offices are located to conduct

cooperative examinations. Pursuant to those agreements, examiners of the department may examine branch offices

of State associations and out-of-State associations in New Jersey and in other states,

and examiners of other state regulators may examine branch offices of State associations

and out-of-State associations in New Jersey and other states. The fees for these examinations may be shared pursuant to a contract or agreement

among the regulators.