31A-37a-202 - Revocation, suspension, amendment, or modification of a certificate of authority.
31A-37a-202. Revocation, suspension, amendment, or modification of a certificateof authority.
Except as provided in Sections 31A-37a-501 and 31A-37a-502, the commissioner maynot revoke, suspend, amend, or modify a certificate of authority issued to a special purposefinancial captive insurance company under this chapter or an order issued under Subsection31A-37a-201(4) unless:
(1) the special purpose financial captive insurance company consents to the revocation,suspension, amendment, or modification; or
(2) the commissioner shows by clear and convincing evidence that the revocation,suspension, amendment, or modification is necessary to avoid irreparable harm to:
(a) a special purpose financial captive insurance company; or
(b) a ceding insurer.
Enacted by Chapter 302, 2008 General Session