§ 4521 — Grounds for revocation or suspension of license

§ 4521. Grounds for revocation or suspension of license. The\nsuperintendent may revoke or suspend the license to do business in this\nstate of any domestic, foreign or alien society, if, after notice to and\nhearing of such society in accordance with sections three hundred four,\nthree hundred five and three hundred six of the financial services law,\nthe superintendent finds any one or more of the following grounds\ntherefor:\n (a) that such society has exceeded its powers under its charter or\nunder its license to do business;\n (b) that such society has failed to comply with any requirement of\nthis chapter applicable thereto;\n (c) that such society is conducting its insurance business\nfraudulently or in a way hazardous to its members, its creditors or the\npublic;\n (d) that such society is not carrying out its contracts in good faith;\nand\n (e) in the case of a foreign or alien society, that the society is not\nconforming in substance to all of the requirements imposed on domestic\nsocieties, and in such a case, the revocation may be in addition to, or\nin lieu of, a proceeding under article seventy-four of this chapter in\nthe circumstances specified in section four thousand five hundred\nnineteen of this article.\n