§ 58-65-125. Revocation and suspension of license; unfair trade practices.

204 words·~1 min read·/nc/chapter-58/58-65-125

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

(a)The Commissioner may revoke or suspend the license of any service corporation if:

(1)The service corporation fails or refuses to comply with any law, order, or rule applicable to the service corporation.

(2)The service corporation's financial condition is unsound.

(3)The service corporation has published or made to the Department or to the public any false statement or report.

(4)The service corporation refuses to submit to any examination authorized by law.

(5)The service corporation is found to make a practice of unduly engaging in litigation or of delaying the investigation of claims or the adjustment or payment of valid claims.

(b)Any suspension or revocation of a service corporation's license under this section may also be made applicable to the license or registration of any natural person regulated under this Chapter who is a party to any of the causes for licensing sanctions listed in subsection

(a)of this section.

(c)Article 63 of this Chapter applies to service corporations and their agents and representatives. (1941, c. 338, s. 13; 1943, c. 537, s. 8; 1971, c. 1080, s. 3; 1999-244, s. 3; 1999-351, s. 8; 2003-212, s. 26(k).)