RS 22:389 Revocation or suspension of license - Louisiana Statutes

§389.  Revocation or suspension of license

A.  The commissioner may revoke or suspend any license required by this Subpart in accordance and compliance with R.S. 49:961.  Any license issued under the provisions of this Subpart shall be revoked or suspended for the following causes:

(1)  A judgment in favor of a policyholder or his heir or assignees has become final and has not been paid in full within sixty days.

(2)  In the opinion of the commissioner, the reserve for losses maintained by the insurer are insufficient to cover future losses.

(3)  In the opinion of the commissioner, the insurer is insolvent.

(4)  The insurer refuses to allow an inspection as provided in R.S. 22:390.

B.  An aggrieved party affected by the commissioner's decision, act, or order may demand a hearing in accordance with Chapter 12 of this Title, R.S. 22:2191 et seq.

Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from R.S. 22:1908 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1.