33-10-109. Notice of insolvencies -- suspension -- other powers and duties of commissioner.
261 words·~1 min read·
/mt/title-33/chapter-10/part-1/33-10-109·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-10-109 . Notice of insolvencies -- suspension -- other powers and duties of commissioner.
(1)The commissioner shall:
(a)notify the association of the existence of an insolvent insurer not later than 3 days after the commissioner receives notice of the determination of the insolvency;
(b)upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(2)The commissioner may:
(a)require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this part. The notification must be by mail at their last-known addresses, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient.
(b)suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer that fails to pay an assessment when due. The fine may not exceed 5% of the unpaid assessment a month, except that a fine may not be less than $100 a month.
(c)revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.
(3)Any final action or order of the commissioner under this part must be subject to judicial review in a court of competent jurisdiction.