§ 27-17-6 - Certificate of authority to do business.
SECTION 27-17-6
§ 27-17-6 Certificate of authority to dobusiness. – If it shall appear upon examination by the commissioner that an exchange orinterinsurer has complied with all of the requirements of this chapter and thatthe persons holding positions of executive and managerial authority are of goodrepute and will conduct the affairs of the exchange with safety to the publicand its policyholders, the commissioner shall issue a certificate stating thatthe exchange or interinsurer has complied with all of the requirements of thischapter which shall authorize the exchange or interinsurer to transact the kindof business specifically provided in the certificate. The certificate shallexpire on the first day of April of the following year, and shall be renewedevery year as of the first day of April of that year. The commissioner may,after a hearing, revoke or suspend any certificate of authority issued pursuantto this section, in the case of violation of any of the provisions of thischapter, after reasonable notice of the hearing has been given to the attorneyin fact in writing, which notice shall be sufficiently adequate to allow theattorney in fact to appear and show cause why the action should not be taken.