Delaware § 5508 Certificate of authority — Revocation

Delaware Statutes

§ 5508 — Certificate of authority — Revocation

Delaware·Title 18·Part Insurance·Ch. 55 MUTUAL BENEFIT ASSOCIATIONS

The Commissioner shall forthwith revoke the certificate of authority of an association if, from an examination of the affairs of the association or for other cause and after notice to the association and a hearing before the Commissioner, the Commissioner finds that as to the association any 1 or more of the following grounds exist:

(1)It is insolvent, or its assets are not sufficient for carrying on its business;

(2)Its condition is such as to render its further proceeding hazardous to its certificate holders or to the public, notwithstanding any special provision granted in its charter or certificate of incorporation;

(3)It is fraudulently conducted; or

(4)It has violated or failed to comply with this chapter.

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The Commissioner shall forthwith revoke the certificate of authority of an association if, from an examination of the affairs of the association or for other cause and after notice to the association and a hearing before the Commissioner, the Commissioner finds that as to the association any 1 or more of the following grounds exist:

(1) It is insolvent, or its assets are not sufficient for carrying on its business;

(2) Its condition is such as to render its further proceeding hazardous to its certificate holders or to the public, notwithstanding any special provision granted in its charter or certificate of incorporation;

(3) It is fraudulently conducted; or

(4) It has violated or failed to comply with this chapter.

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