Suspension, revocation or refusal of license of foreign or alien society.
1. When the Commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state:
(a) Has exceeded its powers;
(b) Has failed to comply with any provision of this chapter;
(c) Is not fulfilling its contracts in good faith; or
(d) Is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public,
Êhe shall notify the society of his findings, state in writing the reasons for his dissatisfaction and issue a written order requiring the society to make the necessary corrections. If the Commissioner finds that the society has failed to comply with the order within 30 days after receiving it, he shall notify the society of his finding of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked or refused.
2. If on that date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked or refused, the Commissioner may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to him that the suspension or refusal should be withdrawn, or he may revoke the authority of the society to do business in this state.
3. Nothing contained in this section prevents a society from continuing in good faith all contracts made in this state during the time the society was legally authorized to transact business in this state.
Last modified: February 27, 2006