(A) At any time during the term of any marine industry fund insurance policy, and for a period of two years after the termination of any such policy, the marine industry fund or its authorized agents shall have the right to make reasonable inspections of the insured's place of business, and any records, payrolls, books of account, ledgers, or contracts which reflect upon the payroll expenditures of the insured, or the allocation of such payroll expenditures to the appropriate manual classifications.
(B) Refusal on the part of the insured to permit reasonable audits and inspections, or willful interference by the insured with the authorized agents of the marine industry fund carrying out any audit or inspection, shall be sufficient reason for cancellation of the marine industry fund coverage of the insured.
(C) If the findings of any audit or inspection reveal a discrepancy in the amount of premium paid by the insured for any period, the fund shall have the right to adjust the account of the insured in accordance with the audit findings.
Five Year Review (FYR) Dates:
Promulgated Under: 119.03
Statutory Authority: 4121.12, 4121.121
Rule Amplifies: 4131.13, 4131.14
Prior Effective Dates: 3/23/81, 12/18/89 (Emer.), 2/22/90