Section 404-H:10 Duties and Powers of the Commissioner.
I. The commissioner shall:
(a) Forward to the association a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction.
(b) Notify the association of the existence of an insolvent insurer not later than 3 days after the commissioner receives notice of the determination of the insolvency.
(c) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
II. The commissioner may:
(a) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall be paid to the association and shall not exceed 5 percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(b) Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.
III. Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction.
Source. 2004, 197:1, eff. Aug. 6, 2004.