Sec. 38a-1020. Revocation of certificate of approval.
Sec. 38a-1020. Revocation of certificate of approval. (a) After notice and opportunity for a hearing, the commissioner may revoke a group's certificate of approval if
it: (1) Is found to be insolvent; (2) fails to pay any premium tax, regulatory fee or
assessment or special fund contribution imposed upon it; or (3) fails to comply with any
of the provisions of subsection (e) of section 31-288, 31-289b, 31-316, 31-345 or 38a-1000 to 38a-1023, inclusive, with any rules adopted pursuant to said sections, or with
any lawful order of the commissioner within the time prescribed.
(b) In addition, the commissioner may revoke a group's certificate of approval if,
after notice and opportunity for hearing, the commissioner finds that: (1) Any certificate
of approval that was issued to the group was obtained by fraud; (2) there was a material
misrepresentation in the application for the certificate of approval; or (3) the group or
its administrator has misappropriated, converted, illegally withheld or refused to pay
over upon proper demand any moneys that belong to a member, an employee of a member, or a person otherwise entitled thereto and that have been entrusted to the group or
its administrator in its fiduciary capacities.
(P.A. 96-267, S. 21.)