§ 27-4-24.3 - Suspension or revocation of licenses.
SECTION 27-4-24.3
§ 27-4-24.3 Suspension or revocation oflicenses. – (a) The commissioner may revoke or suspend the license of any organization orinsurer which fails to comply with an order of the commissioner within the timelimited by the order, or any extension of it which the commissioner may grant.The commissioner shall not revoke or suspend the license of any organization orinsurer for failure to comply with an order until the time prescribed for anappeal has expired or, if an appeal has been taken, until the order has beenaffirmed.
(b) The commissioner may determine when a suspension oflicense shall become effective, and it shall remain in effect for the periodfixed by the commissioner, unless he or she modifies or rescinds thesuspension, or until the order upon which the suspension is based is modified,rescinded, or reversed.
(c) No license shall be suspended or revoked except upon awritten order of the commissioner, stating the commissioner's findings, madeafter a hearing held in accordance with § 42-35-9 upon not less than ten(10) days' written notice to the insurer or organization.