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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.801.  Renewal of certificate of authority, when — notice of refusal to renew (foreign company). — 1.  The director shall renew for one year the certificate of authority of a foreign insurance company on the first day of July of the calendar year following the calendar year in which it is admitted to transact business in this state and annually thereafter, upon application by the company and upon payment of the annual taxes and fees imposed by the laws of this state, if any, provided the director is satisfied that

  (1)  None of the facts specified in this chapter as grounds for revoking a certificate of authority exists; and

  (2)  The company is complying with the conditions for admission, except for surplus requirements in excess of those which similar domestic companies transacting the same kind or kinds of business are required to maintain.

  2.  Except in case of nonpayment of taxes, the director shall give notice of his intention to refuse to renew the certificate of authority of a foreign company and the grounds therefor at least twenty days before the end of the term for which the existing certificate was issued, and the company shall be given an opportunity for a hearing before the end of the term.

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(L. 1967 p. 516)


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