§ 31A-37a-501. Suspension and revocation.

(1)

(a) The commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending or revoking the special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505.

(b) In the notice required by Subsection (1)(a) the commissioner shall state the basis for the suspension or revocation.

(c) The commissioner shall give a special purpose financial captive insurance company described in this Subsection (1) an opportunity for a hearing pursuant to Title 63G, Chapter 4, Administrative Procedures Act.

(2) Notwithstanding Subsection (1) and Title 63G, Chapter 4, Administrative Procedures Act, the commissioner is not required to provide prior notice or a hearing if the grounds for suspension or revocation of a special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505 relate primarily to:

(a) the financial condition or soundness of the special purpose financial captive insurance company; or

(b) a deficiency in the assets of the special purpose financial captive insurance company.

Enacted by Chapter 302, 2008 General Session