§33-34-3 Notice to comply with written requirements of commissioner, noncompliance and administrative supervision.
§33-34-3. Notice to comply with written requirements of commissioner, noncompliance and administrative supervision.
(a) An insurer may be subject to administrative supervision by the commissioner if upon examination or at any other time it appears in the commissioner's discretion that:
(1) The insurer's condition renders the continuance of its business hazardous to the public or to its insureds;
(2) The insurer has or appears to have exceeded its powers granted under its certificate of authority and applicable law;
(3) The insurer has failed to comply with the applicable provisions of the insurance code;
(4) The business of the insurer is being conducted fraudulently; or
(5) The insurer gives its consent.
(b) If the commissioner determines that the conditions set forth in subsection (a) of this section exist, the commissioner shall:
(1) Notify the insurer of his determination;
(2) Furnish to the insurer a written list of his requirements to abate his determination; and
(3) Notify the insurer that it is under the supervision of the commissioner and that the commissioner is applying and effectuating the provisions of the article. Such action by the commissioner shall be subject to review pursuant to applicable state administrative procedures under article two of this chapter.
(c) If placed under administrative supervision, within sixty days the insurer shall comply with the requirements of the commissioner subject to the provisions of this article.
(d) If it is determined after notice and hearing that conditions giving rise to the supervision still exist at the end of the supervision period specified above, the commissioner may extend such period.
(e) If it is determined by the commissioner that conditions giving rise to the supervision have been corrected, said commissioner shall release the insurer from supervision.