31A-37a-501 - Suspension and revocation. - Utah Statutes

31A-37a-501. Suspension and revocation.
(1) (a) The commissioner shall notify a special purpose financial captive insurancecompany not less than 30 days before suspending or revoking the special purpose financialcaptive insurance company's certificate of authority pursuant to Section 31A-37-505.
(b) In the notice required by Subsection (1)(a) the commissioner shall state the basis forthe suspension or revocation.
(c) The commissioner shall give a special purpose financial captive insurance companydescribed in this Subsection (1) an opportunity for a hearing pursuant to Title 63G, Chapter 4,Administrative Procedures Act.
(2) Notwithstanding Subsection (1) and Title 63G, Chapter 4, Administrative ProceduresAct, the commissioner is not required to provide prior notice or a hearing if the grounds forsuspension or revocation of a special purpose financial captive insurance company's certificate ofauthority pursuant to Section 31A-37-505 relate primarily to:
(a) the financial condition or soundness of the special purpose financial captive insurancecompany; or
(b) a deficiency in the assets of the special purpose financial captive insurance company.

Enacted by Chapter 302, 2008 General Session