(a) The commissioner may revoke or suspend any surplus line broker's license for any one or more of the following:
(1) If the broker fails to file an annual statement or to remit the tax as required by law.
(2) If the broker fails to keep the records or to allow the commissioner to examine the broker's records as required by law.
(3) For any of the causes for which a producer's license may be revoked.
(b) The commissioner may suspend or revoke the broker's license if the commissioner finds that the broker has, willfully or without exercise of due care, placed any insurance coverage with an unauthorized insurer in violation of any of the requirements or conditions of Section 27-10-20.
(c) The procedures and rights provided by Section 27-7-19 as for the suspension or revocation of producers' licenses shall be applicable to suspension or revocation of a surplus line broker's license.
(d) No broker whose license has been so revoked shall again be so licensed within one year thereafter nor until any fines or delinquent taxes owing by the broker have been paid.
Last modified: May 3, 2021