Section 402:54 Revocation of Authority.
Whenever the insurance commissioner of the state shall determine after a hearing, 10 days' notice of which shall be given stating the time, place and purpose of such hearing, that any insurer organized under the laws of this state, whether on the stock, mutual, reciprocal, fraternal or other plan, or that any of the representatives of such insurer wilfully shall have transacted or attempted to transact or solicited business in any manner or accepted risks in any jurisdiction in which such insurer is not licensed in accordance with the laws of such jurisdiction, and which jurisdiction has adopted an act similar hereto, it shall be his duty to revoke the certificate of authority of any such offending insurer; provided, however, that the foregoing provisions shall not apply to a domestic insurer when the major portion of such risks originated in a jurisdiction wherein such insurer was licensed to transact such class or classes of business and when such origin was by other means than by circularization or by advertising locally in any such jurisdiction wherein such insurer is not licensed.
Source. 1943, 105:1, par. 55, eff. April 7, 1943.