§ 27-1-22-24 — Suspension or revocation of licenses

(a) The commissioner may suspend the
license of any rating organization or insurer which fails to comply with
an order of the commissioner or department within the time limited by
such order, or any extension thereof which the commissioner may
grant. The commissioner shall not suspend the license of any rating
organization or insurer for failure to comply with an order until the
time prescribed for an appeal therefrom has expired or if an appeal has
been taken, until such order has been affirmed. The commissioner may
determine when a suspension of license shall become effective and it
shall remain in effect for the period fixed by him, unless he modifies
or rescinds such suspension, or until the order upon which such
suspension is based is modified, rescinded or reversed. No license shall
be suspended or revoked except upon a written order of the
commissioner, stating his findings, made after a hearing is held upon
not less than fifteen (15) days' written notice to the person specifying
the alleged violation.
(b) A person who violates this chapter commits a Class A
misdemeanor.
Formerly: Acts 1967, c.133, s.24. As amended by Acts 1978,
P.L.2, SEC.2715.