(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer:
(1) Is in unsound financial condition;
(2) Is no longer eligible under ยง 23-65-310;
(3) Has willfully violated the laws of this state;
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or
(5) Has failed to file its annual statement when due.
(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.
Section: Previous 23-65-307 23-65-308 23-65-309 23-65-310 23-65-311 23-65-312 23-65-313 23-65-314 23-65-315 23-65-316 23-65-317 23-65-318 23-65-319 23-65-320 NextLast modified: November 15, 2016