§ 33-3-18 — Administrative supervision or suspension of certificate of authority for cause

The Commissioner may, without advance notice or a hearing thereon, place an insurer under administrative supervision or suspend immediately the certificate of authority of any insurer: (1) As to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the public insurance supervisory official of such state; (2) Whose authority to do business in any state has been revoked, suspended, or restricted in any way by the public insurance supervisory official of such state; or (3) If upon examination or at any other time it appears in the Commissioner's discretion that: (A) The insurer's condition renders the continuance of its business hazardous to the public or to its insureds; (B) The insurer exceeded its powers granted under its certificate of authority and applicable law; (C) The insurer has failed to comply with the applicable provisions of this title; (D) The business of the insurer is being conducted fraudulently; or (E) The insurer gives its consent.