375.163. Director shall not authorize business if management of company is incompetent or untrustworthy. — The director shall not grant or continue authority to transact insurance in this state as to any insurer or interinsurance exchange, one or more of the managing officers of which is found by him, after hearing, to be of known bad character or to be so incompetent or untrustworthy as to make the proposed operation hazardous to the insurance buying public; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions or other insurance or business relations with any person or persons whose business operations are or have been detrimental to policyholders or stockholders or investors or creditors or* the public by illegal or fraudulent manipulation or dissipation of assets or of accounts, or of reinsurance of any insurance company or companies, or by similar injurious actions.
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(L. 1963 p. 485 § 1, A.L. 1967 p. 516)
* Word "of" appears in original rolls.
---- end of effective 28 Aug 1967 ----
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