20-1098.09. Grounds and procedures for license suspension or revocation

157 words·~1 min read·/az/title-20/20-1098-09

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The director may suspend, revoke or refuse to renew the license of a captive insurer to transact insurance business in this state for any of the following reasons:

1. Insolvency or impairment of capital and surplus.

2. Refusal or failure to submit an annual report as prescribed in section 20-1098.07 or any other report or statement required by law or by lawful order of the director.

3. Failure to comply with the provisions of its own articles of incorporation, bylaws or other organizational document.

4. Failure to submit to an examination or any legal obligation related to the examination as prescribed in section 20-1098.08.

5. Refusal or failure to pay the cost of an examination as prescribed in section 20-1098.08.

6. Use of methods that, although not otherwise specifically prohibited by law, render its operation hazardous or its condition unsound with respect to the public or to its policyholders.

7. Failure to otherwise comply with this article.