§ 23-65-319 - Withdrawal of approval.
23-65-319. Withdrawal of approval.
(a) The Insurance Commissioner may remove an approved surplus lines insurer if, at any time, the commissioner has reason to believe that the insurer:
(1) Is in unsound financial condition;
(2) Is no longer eligible under 23-65-310;
(3) Has willfully violated the laws of this state;
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or
(5) Has failed to file its annual statement when due.
(b) The commissioner shall promptly mail notice of all removals to each surplus lines broker which is currently licensed.