379.1316. 1. The license of a captive insurance company may besuspended or revoked by the director for any of the following reasons:
(1) Insolvency or impairment of capital or surplus;
(2) Failure to meet the requirements of section 379.1306;
(3) Refusal or failure to submit an annual report, as required bysections 379.1300 to 379.1350, or any other report or statement required bylaw or by lawful order of the director;
(4) Failure to comply with the provisions of its own charter, bylaws,or other organizational document;
(5) Failure to submit to or pay the cost of examination or any legalobligation relative thereto, as required by sections 379.1300 to 379.1350;
(6) Use of methods that, although not otherwise specificallyprohibited by law, nevertheless render its operation detrimental or itscondition unsound with respect to the public or to its policyholders; or
(7) Failure otherwise to comply with the laws of this state.
2. Notwithstanding any other provision of sections 379.1300 to379.1350, if the director finds upon examination, hearing, or otherevidence that any captive insurance company has violated any provision ofsubsection 1 of this section, the director may suspend or revoke suchcompany's license if the director deems it in the best interest of thepublic and the policyholders of such captive insurance company.
379.1316. 1. The license of a captive insurance company may besuspended or revoked by the director for any of the following reasons:
(1) Insolvency or impairment of capital or surplus;
(2) Failure to meet the requirements of section 379.1306;
(3) Refusal or failure to submit an annual report, as required bysections 379.1300 to 379.1350, or any other report or statement required bylaw or by lawful order of the director;
(4) Failure to comply with the provisions of its own charter, bylaws,or other organizational document;
(5) Failure to submit to or pay the cost of examination or any legalobligation relative thereto, as required by sections 379.1300 to 379.1350;
(6) Use of methods that, although not otherwise specificallyprohibited by law, nevertheless render its operation detrimental or itscondition unsound with respect to the public or to its policyholders; or
(7) Failure otherwise to comply with the laws of this state.
2. Notwithstanding any other provision of sections 379.1300 to379.1350, if the director finds upon examination, hearing, or otherevidence that any captive insurance company has violated any provision ofsubsection 1 of this section, the director may suspend or revoke suchcompany's license if the director deems it in the best interest of thepublic and the policyholders of such captive insurance company.
379.1316. 1. The license of a captive insurance company may besuspended or revoked by the director for any of the following reasons:
(1) Insolvency or impairment of capital or surplus;
(2) Failure to meet the requirements of section 379.1306;
(3) Refusal or failure to submit an annual report, as required bysections 379.1300 to 379.1350, or any other report or statement required bylaw or by lawful order of the director;
(4) Failure to comply with the provisions of its own charter, bylaws,or other organizational document;
(5) Failure to submit to or pay the cost of examination or any legalobligation relative thereto, as required by sections 379.1300 to 379.1350;
(6) Use of methods that, although not otherwise specificallyprohibited by law, nevertheless render its operation detrimental or itscondition unsound with respect to the public or to its policyholders; or
(7) Failure otherwise to comply with the laws of this state.
2. Notwithstanding any other provision of sections 379.1300 to379.1350, if the director finds upon examination, hearing, or otherevidence that any captive insurance company has violated any provision ofsubsection 1 of this section, the director may suspend or revoke suchcompany's license if the director deems it in the best interest of thepublic and the policyholders of such captive insurance company.
