§ 23-63-1609 — Suspension and revocation

(a) The license of a captive insurance company to conduct an insurance business in this state may be penalized, suspended, or revoked by the Insurance Commissioner for: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of §§ 23-63-1604 and 23-63-1605 ; (3) Refusal or failure to submit an annual report, as required by § 23-63-1607 , or any other report or statement required by law or by lawful order of the commissioner; (4) Failure to comply with its own charter, bylaws, or other organizational document; (5) Failure to submit to examination or any legal obligation relative to an examination, as required by § 23-63-1608 ; (6) Refusal or failure to pay the cost of examination as required by § 23-63-1608 ; (7) Use of methods that, although not specifically prohibited by law, render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or (8) Failure to comply with the laws of this state. (b) If upon examination, hearing, or other evidence the commissioner finds that a captive insurance company has committed any of the acts specified in subsection (a) of this section, the commissioner may penalize, suspend, or revoke the license if the commissioner considers it in the best interest of the public and the policyholders of the captive insurance company.

Legislative History

Acts 2001, No. 1391, § 9.