§431:3-217 Discretionary refusal, suspension or revocation provisions. After a hearing the commissioner may suspend, revoke, or refuse to extend an insurer's certificate of authority, in addition to other grounds in this code, if the insurer:
(1) Knowingly fails to comply with or, in the case of a reciprocal insurer, if the attorney fails to comply with, or violates any provision of this code other than those for violation of which refusal, suspension or revocation is mandatory;
(2) Knowingly fails to comply with any proper order of the commissioner;
(3) Is found by the commissioner upon examination, or other evidence, to be in unsound condition or in a condition as to render its further proceedings in this State hazardous to the public or to its policyholders in this State;
(4) Refuses to remove or discharge a director or officer who has been convicted of any crime involving fraud or dishonesty;
(5) Commits or performs with a frequency as to indicate a general business practice any act which compels claimants under policies either to accept less than the amount due them or to bring suit against it to secure full payment of the amount due;
(6) Is affiliated with and under the same general management, interlocking directorate, or ownership as another insurer which transacts insurance other than reinsurance in this State without having a certificate of authority therefor, except as is permitted by this code;
(7) Refuses to be examined, or if its directors, officers, employees, or representatives refuse to submit to examination or give testimony concerning its affairs, or to produce its accounts, records, and files for examination by the commissioner when required by this code, or refuses to perform any legal obligation relative to the examination;
(8) Fails to pay any final judgment rendered against it upon any policy, bond, recognizance, or undertaking issued or guaranteed by it, within sixty days after the judgment became final or within sixty days after time for taking an appeal has expired or within sixty days after dismissal of an appeal before final determination, whichever date is the later; or
(9) Fails to file its annual statement when due or within any extension of time which the commissioner may for good cause have granted. [L 1987, c 347, pt of §2 as superseded by c 349, §2]
Section: Previous 431-3-211 431-3-212 431-3-212.5 431-3-213 431-3-214 431-3-215 431-3-216 431-3-217 431-3-218 431-3-219 431-3-220 431-3-221 431-3-301 431-3-302 431-3-302.5 NextLast modified: October 27, 2016