§ 27-2-24 - Revocation or suspension of license of foreign company. - Rhode Island Statutes

SECTION 27-2-24

   § 27-2-24  Revocation or suspension oflicense of foreign company. – Whenever it appears to the insurance commissioner from the statements, or froman examination of the affairs, of any life, fire, marine, fire and marine,casualty, or other insurance company not incorporated under the authority ofthis state, that the company is insolvent, or is in an unsound financialcondition, or that its business policies are unsound or improper, or that itscondition or management is such as to render its further transaction ofbusiness hazardous to the public or its policyholders, or that the amount ofits funds, net cash, or contingent assets is deficient, or that its capital isimpaired, or that it is conducting its business fraudulently or refuses orneglects to comply with the laws of the state relating to insurance companies,it shall be the duty of the insurance commissioner, after notice and hearing,to revoke the license issued to the company and the licenses issued to all ofits insurance producers, or the commissioner may revoke those licenses orsuspend them for a period not exceeding their unexpired terms.