§ 22:389 — Revocation or suspension of license; fine

§389. Revocation or suspension of license; fine
A. The commissioner may levy a fine not to exceed one thousand dollars per
violation or revoke or suspend any license required by this Subpart in accordance and
compliance with R.S. 49:977.3 for any of the following:
(1) A judgment in favor of a policyholder or his heir or assignees has become final
and has not been paid in full within sixty days.
(2) In the opinion of the commissioner, the reserve for losses maintained by the
insurer are insufficient to cover future losses.
(3) In the opinion of the commissioner, the insurer is insolvent.
(4) The insurer refuses to allow an inspection as provided in R.S. 22:390.
(5) The insurer fails to comply with any provision of this Subpart or a lawful order
of the commissioner.
B. An aggrieved party affected by the commissioner's decision, act, or order may
demand a hearing in accordance with Chapter 12 of this Title, R.S. 22:2191 et seq.

Legislative History

Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from R.S. 22:1908 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2014, No. 82, §1.