Suspension, revocation or refusal of license. After notice, and after a hearing if requested, the Commissioner may suspend, revoke, refuse to issue or refuse to renew a license under this chapter if he finds that:
1. There was material misrepresentation in the application for the license;
2. The licensee or an officer, partner, member or significant managerial employee has been convicted of fraudulent or dishonest practices, is subject to a final administrative action for disqualification, or is otherwise shown to be untrustworthy or incompetent;
3. A provider of viatical settlements has engaged in a pattern of unreasonable payments to viators;
4. The applicant or licensee has been found guilty of, or pleaded guilty or nolo contendere to, a felony or a misdemeanor involving fraud, forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or any crime involving moral turpitude, whether or not a judgment of conviction has been entered by the court;
5. A provider of viatical settlements has entered into a viatical settlement in a form not approved pursuant to NRS 688C.220;
6. A provider of viatical settlements has failed to honor obligations of a viatical settlement;
7. The licensee no longer meets a requirement for initial licensure;
8. A provider of viatical settlements has assigned, transferred or pledged a viaticated policy to a person other than another provider licensed under this chapter, a purchaser of the viatical settlement, a special organization or a trust for a related provider;
9. The applicant or licensee has provided materially untrue information to an insurer that issued a policy that is the subject of a viatical settlement; or
10. The applicant or licensee has violated a provision of this chapter.
Last modified: February 27, 2006