§431:8-317 License denial, nonrenewal, suspension, or revocation. (a) The commissioner may deny, place on probation, suspend, revoke, or refuse to issue or renew any surplus lines broker's license and may levy a civil penalty in accordance with articles 2 and 3, or any combination of these actions, for any cause specified in any other provision of this chapter, or for any of the following causes:
(1) Failure to file statements required by section 431:8-313 or to pay the tax required by section 431:8-315;
(2) Failure to keep records or to allow the commissioner to examine the surplus lines broker's records as provided in this article;
(3) Removal of office accounts and records from this State during the period in which the accounts are required to be maintained under this article;
(4) Any of the causes for which a producer's license may be suspended or revoked under article 9A;
(5) Any cause for which issuance of the license could have been refused had it then existed and been known to the commissioner;
(6) Wilful violation or knowing participation in the violation of any provision of this code;
(7) Obtaining or attempting to obtain a license under this chapter through wilful misrepresentation or fraud, or failure to pass any examination required by section 431:8-324;
(8) Misappropriation, conversion to the licensee's own use, or illegally withholding moneys required to be held in a fiduciary capacity;
(9) Material misrepresentation with intent to deceive of the terms or effect of any insurance contract, or engagement or intent to engage in any fraudulent transaction;
(10) Commission of any unfair practice or fraud as defined in article 13;
(11) Conduct of affairs under a license issued pursuant to this chapter in a manner that causes injury and loss to the public;
(12) The issuance or purported issuance of any binder as to any insurer named in the binder if the licensee is not authorized to bind the insurer; or
(13) Dealing or attempting to deal with insurance or exercising powers relative to insurance outside the scope of the licensee's license.
(b) The license of any business entity may be denied, placed on probation, suspended, revoked, not issued, or not renewed for any of the causes applicable to any individual designated in the license to exercise the business entities' powers.
(c) The holder of any license which has been revoked or suspended shall surrender the license certificate to the commissioner at the commissioner's request.
(d) The procedures provided in article 9A for the suspension or revocation of producer licenses shall apply to suspension or revocation of a surplus lines broker's license.
(e) No broker whose license has been revoked shall again be licensed as a broker within one year thereafter, nor until any fines or delinquent taxes owing by the broker have been paid. [L 1987, c 347, pt of §2; am L 1989, c 195, §22; am L 2002, c 155, §20; am L 2003, c 212, §50; am L 2006, c 154, §12; am L 2011, c 68, §15; am L 2012, c 66, §5]
Section: Previous 431-8-310 431-8-311 431-8-312 431-8-313 431-8-314 431-8-315 431-8-316 431-8-317 431-8-318 431-8-319 431-8-320 431-8-321 431-8-322 431-8-323 431-8-324 NextLast modified: October 27, 2016