375.535. Director to issue charges when he believes assumption of additional risks financially hazardous--hearing--cease and desist order, when.
Director to issue charges when he believes assumption of additionalrisks financially hazardous--hearing--cease and desist order,when.
375.535. Whenever the director has reason to believe thatany insurance company licensed to do business in this state is,because of the nature and extent of the risks assumed by thecompany, in such financial condition that the assumption ofadditional risks would be hazardous to creditors, policyholders,or the general public, he may issue and serve upon the company astatement of charges and notice of hearing thereon. If after ahearing the director finds that the company is in such financialcondition that the assumption of additional risks would behazardous to creditors, policyholders or the general public, heshall order the company to cease and desist from writing any newbusiness until the company's financial condition is no longerhazardous thereto.
(L. 1967 p. 516)