(a) The commissioner may require all captive insurance companies to file with the commissioner a copy of any policy, certificate, or contract of insurance to be delivered or issued for delivery in this state, or any endorsement, rider, or application that becomes a part of the policy, certificate, or contract of insurance. The commissioner shall notify in writing the insurer that filed any such form if it does not comply with the requirements of law or if it contains any provision that is deceptive or misleading, specifying the reasons for that opinion, and it shall thereafter be unlawful for the insurer to use the form in this state. In all other cases submitted for approval, the commissioner shall give approval.
(b) After a form has been approved, the commissioner, following a hearing, may withdraw approval on any of the grounds for disapproval stated in subsection (a) or if the form is being solicited by means of advertising, communication or dissemination of information that is deceptive or misleading. The disapproval shall be effected by written order of the commissioner, which shall state the grounds for disapproval and the date, not less than thirty (30) days after the hearing, when the withdrawal of approval shall become effective.
(a) The commissioner may require all captive insurance companies to file with the commissioner a copy of any policy, certificate, or contract of insurance to be delivered or issued for delivery in this state, or any endorsement, rider, or application that becomes a part of the policy, certificate, or contract of insurance. The commissioner shall notify in writing the insurer that filed any such form if it does not comply with the requirements of law or if it contains any provision that is deceptive or misleading, specifying the reasons for that opinion, and it shall thereafter be unlawful for the insurer to use the form in this state. In all other cases submitted for approval, the commissioner shall give approval.
(b) After a form has been approved, the commissioner, following a hearing, may withdraw approval on any of the grounds for disapproval stated in subsection (a) or if the form is being solicited by means of advertising, communication or dissemination of information that is deceptive or misleading. The disapproval shall be effected by written order of the commissioner, which shall state the grounds for disapproval and the date, not less than thirty (30) days after the hearing, when the withdrawal of approval shall become effective.
(a) The commissioner may require all captive insurance companies to file with the commissioner a copy of any policy, certificate, or contract of insurance to be delivered or issued for delivery in this state, or any endorsement, rider, or application that becomes a part of the policy, certificate, or contract of insurance. The commissioner shall notify in writing the insurer that filed any such form if it does not comply with the requirements of law or if it contains any provision that is deceptive or misleading, specifying the reasons for that opinion, and it shall thereafter be unlawful for the insurer to use the form in this state. In all other cases submitted for approval, the commissioner shall give approval.
(b) After a form has been approved, the commissioner, following a hearing, may withdraw approval on any of the grounds for disapproval stated in subsection (a) or if the form is being solicited by means of advertising, communication or dissemination of information that is deceptive or misleading. The disapproval shall be effected by written order of the commissioner, which shall state the grounds for disapproval and the date, not less than thirty (30) days after the hearing, when the withdrawal of approval shall become effective.
