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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.881.  Revocation or suspension of certificate of authority, when (foreign company). — The director may revoke or suspend the certificate of authority of a foreign insurance company under section 374.047 or issue such administrative orders as appropriate under section 374.046 whenever he finds that the company

  (1)  Is insolvent;

  (2)  Fails to comply with the requirements for admission in respect to capital, the investment of its assets or the maintenance of deposits in this or other state or fails to maintain the surplus which similar domestic companies transacting the same kinds of business are required to maintain;

  (3)  Is in such a financial condition that its further transaction of business in this state would be hazardous to policyholders and creditors in this state and to the public;

  (4)  Has refused or neglected to pay a valid final judgment against the company within thirty days after the rendition of the judgment;

  (5)  Has refused to submit to the jurisdiction of a court of this state upon the grounds of diversity of citizenship in a cause of action arising out of business transacted, acts done, or contracts made in this state by the foreign insurance company;

  (6)  Has violated any law of this state or has in this state violated its charter or exceeded its corporate powers;

  (7)  Has refused to submit its books, papers, accounts, records, or affairs to the reasonable inspection or examination of the director, his actuaries, deputies or examiners;

  (8)  Has an officer who has refused upon reasonable demand to be examined under oath touching its affairs;

  (9)  Fails to file its annual statement within thirty days after the date when it is required by law to file the statement;

  (10)  Fails to file with the director a copy of an amendment to its charter or articles of association within thirty days after the effective date of the amendment;

  (11)  Fails to file with the director copies of the agreement and certificate of merger and the financial statements of the merged companies, if required, within thirty days after the effective date of the merger;

  (12)  Fails to pay any fees, taxes or charges prescribed by the laws of this state within thirty days after they are due and payable; provided, however, that in case of objection or legal contest the company shall not be required to pay the tax until thirty days after final disposition of the objection or legal contest;

  (13)  Fails to file any report for the purpose of enabling the director to compute the taxes to be paid by the company within thirty days after the date when it is required by law to file the report;

  (14)  Has had its corporate existence dissolved or its certificate of authority revoked in the state or country in which it was organized;

  (15)  Has had all its risks reinsured in their entirety in another company; or

  (16)  Has ceased to transact the business of insurance in this state for a period of one year.

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(L. 1967 p. 516, A.L. 1985 H.B. 545, A.L. 2007 S.B. 66)


< end of effective 28 Aug 2007 >

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