56-14-109 - Withdrawal of eligibility Surplus lines insurer.
56-14-109. Withdrawal of eligibility Surplus lines insurer.
(a) If at any time the commissioner has reason to believe that any unauthorized insurer then on the list of eligible surplus lines insurers is insolvent, in unsound condition or does not make reasonable prompt payment of just losses and claims in this state, or that it is no longer eligible under the conditions for surplus lines insurers provided in § 56-14-108, the commissioner shall withdraw the eligibility of the insurer to insure surplus lines risks in this state.
(b) If the commissioner finds after a hearing on eligibility, of which notice was given to all licensed surplus lines agents, that an insurer currently eligible as a surplus lines insurer has willfully violated the laws of this state, the commissioner has the discretion to withdraw the eligibility of the insurer to insure surplus lines risks in this state.
(c) The commissioner shall promptly mail notice of all withdrawals of eligibility to each surplus lines agent at the agent's address last of record with the commissioner.
[Acts 1969, ch. 270, § 9; T.C.A., § 56-3809.]