§ 27-17-6. Certificate of authority to do business.
If it shall appear upon examination by the commissioner that an exchange or interinsurer
has complied with all of the requirements of this chapter and that the persons holding
positions of executive and managerial authority are of good repute and will conduct
the affairs of the exchange with safety to the public and its policyholders, the commissioner
shall issue a certificate stating that the exchange or interinsurer has complied with
all of the requirements of this chapter which shall authorize the exchange or interinsurer
to transact the kind of business specifically provided in the certificate.
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§ 27-17-6. Certificate of authority to do business.
If it shall appear upon examination by the commissioner that an exchange or interinsurer
has complied with all of the requirements of this chapter and that the persons holding
positions of executive and managerial authority are of good repute and will conduct
the affairs of the exchange with safety to the public and its policyholders, the commissioner
shall issue a certificate stating that the exchange or interinsurer has complied with
all of the requirements of this chapter which shall authorize the exchange or interinsurer
to transact the kind of business specifically provided in the certificate. The certificate
shall expire on the first day of April of the following year, and shall be renewed
every year as of the first day of April of that year. The commissioner may, after
a hearing, revoke or suspend any certificate of authority issued pursuant to this
section, in the case of violation of any of the provisions of this chapter, after
reasonable notice of the hearing has been given to the attorney in fact in writing,
which notice shall be sufficiently adequate to allow the attorney in fact to appear
and show cause why the action should not be taken.