RS 22:389

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RS 22:389

§389. Revocation or suspension of license; fine

A. The commissioner may levy a fine not to exceed one thousand dollars per violation or revoke or suspend any license required by this Subpart in accordance and compliance with R.S. 49:977.3 for any of the following:

(1)A judgment in favor of a policyholder or his heir or assignees has become final and has not been paid in full within sixty days.

(2)In the opinion of the commissioner, the reserve for losses maintained by the insurer are insufficient to cover future losses.

(3)In the opinion of the commissioner, the insurer is insolvent.

(4)The insurer refuses to allow an inspection as provided in R.S. 22:390.

(5)The insurer fails to comply with any provision of this Subpart or a lawful order of the commissioner.

B. An aggrieved party affected by the commissioner's decision, act, or order may demand a hearing in accordance with Chapter 12 of this Title, R.S. 22:2191 et seq.

Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from R.S. 22:1908 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2014, No. 82, §1.