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The Director of the Ohio Department of Insurance has the authority to examine the financial conditions of a domestic insurance company whenever they deem it necessary. This provision allows the Director to act proactively, ensuring that they can conduct examinations in response to concerns about the financial stability or operational practices of an insurance company. Such flexibility is crucial for maintaining oversight and protecting policyholders, as it enables the regulatory body to respond to emerging issues that might affect the company or its clients.

Scheduled audits and examinations might not capture unforeseen circumstances or potential red flags regarding a company's finances; thus, having the ability to investigate at any time enhances the regulatory framework. This proactive approach also serves to ensure that companies adhere to sound financial practices and remain solvent.

The other options, such as restricting examinations to scheduled audits, only permitting them at the company's request, or requiring a formal complaint, would limit the Director's ability to thoroughly oversee the insurance market and ensure the protection of consumers. Such constraints could potentially lead to oversight gaps, where issues could fester without timely intervention.