17:35-24 - Revocation of authority
17:35-24.Ā Revocation of authority
If the commissioner is satisfied that the corporation or association is notĀ paying in full the maximum amount named in its policies or certificates, orĀ that it is conducting its business fraudulently, or that it is not carrying outĀ its contracts with its policy or certificate holders in good faith, or if itsĀ officers fail to reply to any inquiries addressed to them by the commissionerĀ under section 17:35-21 of this title, he shall refuse the application forĀ admission or forthwith revoke all authority previously given to it and itsĀ agents, to do business in this state, and shall publish the revocation in aĀ newspaper or newspapers published therein.Ā No business shall thereafter beĀ done by the corporation or association or its agents in this state.
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If the commissioner is satisfied that the corporation or association is notĀ paying in full the maximum amount named in its policies or certificates, orĀ that it is conducting its business fraudulently, or that it is not carrying outĀ its contracts with its policy or certificate holders in good faith, or if itsĀ officers fail to reply to any inquiries addressed to them by the commissionerĀ under section 17:35-21 of this title, he shall refuse the application forĀ admission or forthwith revoke all authority previously given to it and itsĀ agents, to do business in this state, and shall publish the revocation in aĀ newspaper or newspapers published therein.Ā No business shall thereafter beĀ done by the corporation or association or its agents in this state.
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