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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.535.  Director to issue charges when he believes assumption of additional risks financially hazardous — hearing — cease and desist order, when. — Whenever the director has reason to believe that any insurance company licensed to do business in this state is, because of the nature and extent of the risks assumed by the company, in such financial condition that the assumption of additional risks would be hazardous to creditors, policyholders, or the general public, he may issue and serve upon the company a statement of charges and notice of hearing thereon.  If after a hearing the director finds that the company is in such financial condition that the assumption of additional risks would be hazardous to creditors, policyholders or the general public, he shall order the company to cease and desist from writing any new business until the company's financial condition is no longer hazardous thereto.

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(L. 1967 p. 516)


< end of effective 28 Aug 1967 >

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