31A-37a-501. Suspension and revocation.

179 words·~1 min read·/ut/title-31a/chapter-37a/31a-37a-501

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(a)The commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending or revoking the special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505 .

(b)In the notice required by Subsection (1)(a) the commissioner shall state the basis for the suspension or revocation.

(c)The commissioner shall give a special purpose financial captive insurance company described in this Subsection

(1)an opportunity for a hearing pursuant to Title 63G, Chapter 4, Administrative Procedures Act .

(2)Notwithstanding Subsection

(1)and Title 63G, Chapter 4, Administrative Procedures Act , the commissioner is not required to provide prior notice or a hearing if the grounds for suspension or revocation of a special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505 relate primarily to:

(a)the financial condition or soundness of the special purpose financial captive insurance company; or

(b)a deficiency in the assets of the special purpose financial captive insurance company.

Enacted by Chapter 302 , 2008 General Session